The proposed corporation will be given a target of constructing 20 lakh tenements by 2022 under the Pradhan Mantri Awas Yojna
The Maharashtra state government is planning to set up a special corporation called Maharashtra Affordable Housing Development Corporation, with an initial corpus of Rs 2000-3000 crore to give a much needed boost for affordable housing, The proposed corporation will be financed by the apex financial institution for housing National Housing Bank, the Mumbai Metropolitan Region Development Authority, the Maharashtra Housing & Area Development Authority, the City & Industrial Development Corporation who will contribute Rs 500 crore each in the proposed corporation’s equity. Slum Rehabilitation Authority , Shivshahi Punarvasan Prakalp and Nagpur Improvement Trust are also expected to contribute to the equity of the corporation. The corporation will have 13-member board and will be headed by the chief minister, the vice-chairman will be the housing minister, additional chief secretary (housing) and CEOs of Mhada, MMRDA, Cidco, Nagpur Improvement Trust, National Housing Bank will be the members.
The proposed corporation will be given a target of constructing 20 lakh tenements by 2022 under the Pradhan Mantri Awas Yojna. Apart from constructing affordable houses under Pradhan Mantri Awas Yojana, the proposed corporation will also involve itself with other state housing policy initiatives, encouraging affordable housing projects in collaboration with private developers, create an urban housing fund where all government schemes can be channelized by leveraging commercial finance for housing development. The proposed corporation will also be entrusted with the task of facilitating urban local bodies in conducting demand assessment and preparation of housing-for-all action plan.
In Maharashtra it has been estimated that 20 lakh tenements will be required to meet the demand among low income category, economically weaker section and middle income group. Leading builders and developers will be roped in as contractors who will be selected on the life cycle costing basis. The government may allow the proposed corporation to construct houses even in the green zone and no residential zone by providing 2.5 floor space index. The contractors will be encouraged to use new technology to ensure speedy construction of houses.