MMRDA may change rental housing scheme

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The massive scheme for low-cost rental accommodation launched in the city by the Mumbai Metropolitan Region Development Authority (MMRDA) may be changed into affordable housing on ownership basis in part.MMRDA officials said that they have written to the government for permission to go ahead with affordable housing along with low-cost rental housing. “We are awaiting the state government’s nod,” they said.
The rental housing scheme was launched over two years ago by the MMRDA with a view to provide low cost flats to the needy in the city. The target set was 5 lakh units in five years with rentals ranging from Rs 800 to Rs 1,400 a month for a 160 sq ft flat.
MMRDA officials said that the concept of affordable housing would be slightly different and will mean sale of flats which are 400 sq ft instead of the usual 160 sq ft units in the rental scheme. They claim that it would allow them to cater to the poorer section of the society and make the whole scheme more viable.
Housing industry sources said that big builders were hesitant participate in the low cost rental scheme, even if they were allowed to make a profit. The new scheme, however, would attract such builders, and provide a fillip to the scheme, they added.
The rental housing scheme, aimed at reducing the number of slums in the city, was slow to take off due to several bureaucratic delays. However, MMRDA officials point out that over 40,000 flats at Thane and Panvel are expected to be ready shortly. Among the builders who have developed the flats are names like Indiabulls and D B Realty.

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