In order to provide affordable housing to the Economical Weaker Sections (EWS) of society, MHADA, The Maharashtra Housing and Area Development Authority plans to buy land at market price and develop some houses.
Gautam Chatterjee, Vice-President and Chief Executive Officer of MHADA stated in a conference that MHADA is lacking in land due to which it is not able to provide affordable houses to the urban poor.
He also said that the MHADA’s available land is passed on by the Government at subsidised rates.
He continued that value of land is a component of the price of finished products (houses). Therefore, it is difficult for the government to subsidise the land with the market price resulting in shortage of land.
As a measure to help the situation, MHADA plans to buy land at market prices from developers. The authority will also give advantage of additional 2.5 FSI scheme to the developer.
