10 lakh low-cost homes by MHADA
The Maharashtra government works on a public- private partnership model to develop 10 lakh low-cost homes in the Mumbai Metropolitan Region (MMR) by acquiring large land parcels through MHADA, the state’s apex housing development body.
“There are large land parcels of 100-500 acres in the MMR region, where owners want to develop them but don’t have the finances. We are proposing that we will acquire these land parcels through Mhada and develop affordable homes and compensate the land owners,” state housing minister Prakash Mehta said at a CII-CBRE conference.
The government is already considering compensation packages for these owners. “It could either be by paying the beneficiary the cost of land as per the ready reckoner rates or build homes for them as compensation. We are yet to come to a conclusion and are hopeful that we will be able to finalise it in the next 10-15 days,” he said.