MHADA (Maharashtra Housing & Area Development Authority) is putting efforts to bridge the gap for housing. Sooner it may tie up with private builders or developers by working through a joint venture to meet the target for 20 lakh houses by the year 2020. For constructing required number of houses, this housing project can be implemented in association with a corporate entity or an individual to provide land.
MHADA housing project is expected to be executed in partnership. Share of private partner will be to contribute the cost of land while MHADA will contribute for the cost of construction, infrastructure, development & marketing costs.
For the part of revenue, a separate escrow account can be created. Houses will be build for LIG candidates & out of those 35% houses will be reserved for EWS candidates under MHADA housing project. Housing units will be sold to needy candidates on cost, which will be decided by MHADA & private partner mutually.
Allotment process will be based either on first come first serve basis or draw of lots.
While proposing private builders for joint venture, MHADA emphasized on condition that the title of the land should be in name of private partner. Also area of land should be 10 acres.
The cost of land will be based on various components including location, road connectivity or potential use for housing while the land will be selected after considering various factors. Authority has set around 100 marks if land meets 70 out of them, it may be consider for housing purpose.