Thane to get 40,000 more low-cost homes | mumbai | Hindustan Times
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Thane to get 40,000 more low-cost homes

Thane residents will soon see a bonanza in the form of 40,000 low-cost homes. This has been made possible by the state government, which, in a landmark decision gave a green signal to the Maharashtra Housing and Area Development Authority (Mhada) to tie up with builders to construct low-cost houses.

mumbai Updated: Oct 17, 2010 00:41 IST
HT Correspondent

Thane residents will soon see a bonanza in the form of 40,000 low-cost homes. This has been made possible by the state government, which, in a landmark decision gave a green signal to the Maharashtra Housing and Area Development Authority (Mhada) to tie up with builders to construct low-cost houses.

Chief minister Ashok Chavan finally signed the order this week. Under this scheme, Mhada will transfer its share of Floor Space Index (FSI) to the builder and will get readymade flats in return.

This move will generate more than 1.5 lakh houses in the state, of which 40,000 are expected to come up at Ghodbunder Road at Thane.

“It will create a substantial stock of low-cost houses,” said Sunil Mantri, chairman, Maharashtra Chambers of Housing Industry (MCHI), the apex body for builders.

The move is significant considering that Mhada has just 5 acres of land in its kitty and is exploring various means of ensuring low-cost housing.

Normally, the builder gets FSI of 1 on his plot and has to purchase the remaining 1 from the TDR market.

Under this scheme, Mhada, which has a FSI of 2.5, will transfer the same to the builder. After utilising FSI of 1, the balance 1.5 FSI would be divided equally between the builder and Mhada.

Mhada will then sell these houses at rates much lower than market rates, and the whole process would be conducted by means of a computerised lottery system.

Mhada will also pay construction costs for these flats and has even kept aside Rs 200 crore to fund the scheme.

There are two kinds of houses being built – 1 BHK (bedroom hall kitchen) of 380 square feet and 2 BHK of 550 square feet.

Pratap Sarnaik, director, Vihang Infrastructure Private Limited, who is also a Shiv Sena legislator, said it was an excellent scheme to generate low-cost houses.

“Houses have now reached unaffordable heights even in the Thane region,” Sarnaik said.