The Maharashtra Housing and Area Development Authority (MHADA) has taken up the task of constructing 15,008 affordable houses, expected to be ready in Mumbai in the next two years.
The flats are located in suburbs such as Dahisar, Ghatkopar, Mankhurd and Goregaon. They will be released in the market in phases and allotted by a lottery system, said Amarjeet Singh Manhas, Chairman, MHADA (Mumbai Board) while presenting his annual budget on Monday.
MHADA also gave its nod for development of colonies across Mumbai that house 30,000 tenants. Put together, all plans will create 1.25 lakh houses in the city, which is likely to pull down real estate prices, Manhas said.
Speaking to the media, Manhas explained MHADA’s decision to provide low cost houses to the citizens. “In a city where realty prices have skyrocketed, we are the only ones to provide low cost houses and we will stick to our agenda,” said Manhas. He said that MHADA has earmarked Rs 105 crore capital for the year to undertake this mandate. The government is also expected to chip in with a grant of Rs 103 crore as impetus towards this project, he added.
In another significant announcement, the housing board has given the green signal to 30,000 of the tenants living in its colonies spread across the city to undertake redevelopment of their premises. It has also given a go-ahead to 241 slums located on its land to redevelop.
The decision is expected to rehabilitate approximately 60,000 slumdwellers. “This move will ensure at least 1.25 lakh new houses in the city and could also result in realty prices coming down,” said Manhas.