The Maharashtra Housing Development Corporation (Maha Housing) will construct 5 lakh affordable houses for the economically weaker sections, lower income groups and middle-income group by 2022, and every project will have at least 5,000 homes.
A Cabinet meeting was held on Tuesday in which it approved Maha Housing to develop large colonies to meet the target of Pradhan Mantri Awaas Yojana (PMAY).
“The state government has set a target of building 19.4 lakh affordable homes by 2022 in urban areas. Accordingly, the central government has approved the scheme in 383 cities of the state under the Pradhan Mantri housing scheme, the state has given various concessions to the beneficiaries and the housing projects. The scheme is implemented by the Housing Department, MHADA, Municipal Council of Directorate ( DMA) and all the local self-government organizations. Houses are being set up in a big way under the Joint Venture Policy, along with public-private partnership (PPP) principles”, cabinet discussion said.
However, In addition to MHADA, there was a need for a full time operating system to MHADA construction. Accordingly, it was decided to set up the Maharashtra Housing Development Corporation (Maha Housing), an official said.
“The State Government will not provide direct fund, but funds from the MHADA, SRA, SPPL and other appropriate government institutions- arrangements will be a way of investment.
“It was also approved to raise funds from banks and other financial institutions by opening up capital from the open market”, an official said.