By Accommodation Times Bureau
Mumbai: Maharashtra Housing and Area Development Authority (Mhada) is likely to get into joint venture (JVs) with private builders to boost the affordable housing units across the city.
According to the new proposed policy, owners of land or private builders will get extra Floor Space Index (FSI) 2.5 on Mhada lands, it means developers will get 1.75 instead of routine 1 FSI for transferring their ownership to Mhada. The civic body will get to utilize the balance 0.75 FSI to construct affordable houses. These new norms were announced in the Tuesday’s meeting.
According to the several realty players, the proposal is not affordable for developers as Mhada is offering 2.5 FSI whereas MMRDA is offering FSI of 4 for their rental schemes.