State govt to buy unsold flats from private developers

By Accommodation Times Bureau


In order to expedite the much-touted Pradhan Mantri Awas Yojana and achieve its target of building 19 lakh homes in the entire state, the state government has planned to buy unsold flats at reasonable rates directly from private developers. These flats were not being sold for a very long time and failed to attract buyers due to its high rates.

The state has planned to buy these homes at reasonable rates and sell them at affordable prices. These flats will come under the PMAY scheme that will be sold by the Maharashtra Housing and Area Development Authority (MHADA) considering the demand for the houses.

While beneficiaries of the PMAY scheme may have their reservations for buying these flats,  the state will make sure that the quality of the construction is up to the mark even if they are offering it at a lower rate. A senior official said that a team of experts will be appointed to confirm the quality of these flats. He said, “We are working on this idea and will soon come up with the execution strategy.”

Due to land scarcity, not a single location in Mumbai was proposed by MHADA for constructing homes under PMAY. However, with schemes like issuing loans at cheaper interest to SRA projects that are stalled due to a financial crisis, the authority has a better chance to get affordable homes in Mumbai.

Till date,  MHADA, the implementing agency for PMAY scheme, was able to construct only 50, 000 houses in the last three years under the Housing for All scheme. Around 20 lakh responses have been received from home buyers for the PMAY scheme across the state.

The household income of the beneficiaries of the PMAY scheme should not be more than Rs 25,000, and the affordable unit on sale will be between 30 square meters. and 60 square meters. A subsidy of Rs 2.5 lakh for each EWS buyer will be jointly shared by the Centre and State.

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