Maharashtra’s World Largest Affordable Housing Project, Rayanagar
Maharashtra has initiated world’s largest affordable housing project with 30,000 houses on Public Private Partnership (PPP) basis in Rayanagar, District Solapur. This ambitious project shall implement green technologies, such as rainwater harvesting, use of recycled water from sewerage treatment plant for flushing and gardening, zero use of natural sand, and solar streetlight etc.
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Slum Rehabilitation Authority (SRA) came into the picture to uplift the standard of people living in shanty structures and in the unhygienic environment. The Government of Maharashtra is identifying such people and checking if they are eligible under PMAY. The state is also using innovative technologies like precast method, rainwater harvesting, earthquake proof construction, solar energy, etc. Along with this, the Government of Maharashtra is also formulating policy for Green Buildings.
Affordable housing is far more complex than it seems. The concept of ‘affordability’ differs drastically from Tier 1 to Tier 2 cities. In urban areas, the affordable housing still remains ambiguous as infrastructure development needs to almost outpace the housing development.
While the government is taking considerable measures to push affordable housing agenda in the right direction, there is no doubt it will be challenging and require a greater boost than it already has to make it a hassle-free reality in 2018.
Mahindra Lifespaces has joined hands with HDFC Capital Affordable Real Estate Fund-1 (HDFC Capital) to develop affordable housing and fulfill the demand-supply gap. IFC and HDFC recently announced the joint creation of an $800 million affordable housing fund.
DHFL raised loan disbursements worth 9,950 crores in the second quarter of 2017, and sees potential in in tier 2 and tier 3 city, affordable housing segment. DHFL even plans to conduct 100 ‘Griha Utsav’, an exclusive affordable-housing exhibition in tier-2/3 city locations. They have already conducted 17 such exhibitions.
While the Government continues to take measures in the right direction to accomplish the ‘Housing for All’ agenda, scaling affordable housing is no doubt challenging and will require an even greater thrust to make it a reality.
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