Indiabulls Real Estate To Transfer 24 Acre Panvel Land Parcel To MMRDA
A unit of property developer Indiabulls Real Estate is transferring a 24-acre Panvel land parcel near Mumbai to the Mumbai Metropolitan Region Development Authority (MMRDA) as part of the town planner’s rental home project under the affordable housing scheme.
The developer has already handed over the tenements required to be constructed by them for rental housing and five adjacent plots admeasuring nearly 24 acres are being conveyed in favour of MMRDA now as part of the defined process, said an MMRDA official.
The Indiabulls Real Estate subsidiary involved in the deal is Lucina Land Development. The builder has already constructed 4,834 affordable homes, along with related amenities, and these units have been handed over to the authority under the MMRDA Rental Housing Scheme. This constitutes over 1.28 million sq ft of development — completed in accordance with the prescribed specifications of the town planner.
These units have been allotted to millworkers by MMRDA, and are expected to be handed over to them soon. In addition to the tenements, the company is also in the advanced stages of conveying the land to MMRDA, which is expected to be completed over the next two months said an Indiabulls Real Estate spokesman.
Based on the Maharashtra State Housing Policy of 2007, the rental housing scheme was initially introduced by the state government in 2009 to allow participation of private sector developers and aimed at reducing the slum clusters.
A few developers have also received sanctions for their projects under this scheme in extended suburbs such as Virar, Thane and Karjat. The government has appointed MMRDA as the project implementation agency for this scheme.
Source Link- https://economictimes.indiatimes.com/