Magnetic Maharashtra, Rs 1.5 Lakh Crore In Affordable Housing For Navi Mumbai

Navi Mumbai could see investments worth Rs 1.5 lakh crore in the affordable housing sector during the three-day Magnetic Maharashtra summit starting on February 18. City and Industrial Development Corporation (CIDCO) Vice-Chairman and Managing Director said.

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Magnetic Maharashtra, Rs 1.5 Lakh Crore In Affordable Housing For Navi Mumbai

Navi Mumbai could see investments worth Rs 1.5 lakh crore in the affordable housing sector during the three-day Magnetic Maharashtra summit starting on February 18. City and Industrial Development Corporation (CIDCO) Vice-Chairman and Managing Director on Tuesday said the overall investments for Maharashtra in the housing sector would be an estimated Rs 3.6 lakh crore.

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He called Navi Mumbai “a big destination for affordable housing”. He said the “state-of-the-art infrastructure, land availability and policy incentives are the advantage to promote housing sector”. “Two lakh affordable houses within three years is the target. Of this, 50,000 houses would be built by CIDCO,” he said.

Under the category of Economically Weaker Sections (EWS), the cost of CIDCO houses will range between Rs 16 lakh and Rs 17 lakh. Houses for the Low Income Group (LIG) will be between Rs 20 lakh and Rs 22 lakh. The rates are evolved on carpet area, not built-up area. The projects undertaken by private developers would be marginally higher varying between 5 and 10 per cent. Stating that Navi Mumbai has become an alternative destination “by default”, he said the single factor that made it more acceptable was the rapid multi-transport connectivity by road, rail and air.

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Some of the big-ticket projects, such as the Mumbai Trans-Harbour Link (MTHL) or the Navi Mumbai International Airport, were being realised. The expansion of the CST-Mankhurd Harbour Line to the 12-lane Thane Creek Bridge provides 360-degree connectivity to Navi Mumbai.

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The first phase of the 12-km Nerul-Uran railway line is expected to be complete by December 2018 and the second phase by 2019. The first runway of the Navi Mumbai International Airport will become functional by December 2019, the second by 2020. Apart from connectivity, he said, faster travel was assured, which would help people shed their mental block and embrace Navi Mumbai as their home.

Source Link- http://indianexpress.com/.

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