Maha Govt To Take Over Uncompleted Residential Projects Form Developers

The government will take over these uncompleted residential projects and develop them by giving the floor space index (FSI) of 4. In the developed projects, the government will retain the 2/3 developed houses and remaining 1/3 will be given to the developers concerned.

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Maha Govt To Take Over Uncompleted Residential Projects Form Developers

To meet the target of constructing 15 lakh houses by end of its term, the Maharashtra government has decided to take over uncompleted residential projects from the developers. The government will then complete the remaining work and allot the houses to eligible buyers via lottery scheme.

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According to the Maharashtra Housing department, it had decided to approach the landholders and developers, who for various reasons, were unable to complete residential projects in the state.

They will take over these uncompleted residential projects and develop them by giving the floor space index (FSI) of 4. In the developed projects, the government will retain the 2/3 developed houses and remaining 1/3 will be given to the developers concerned.

Read Also: Maharashtra Government To Buy Unsold Flats From Private Developers

Department will not pay anything for the land cost to the developers. We are giving them the developed area that they can sell in the open market. The government has a budget of Rs 5,000 crore for the purpose.

This is a welcome step. Presently, many developers are bleeding due to the paucity of fund and staggering sale, said vice-president of Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai. The government decision will help the buyers get apartments on time. The ratio of developer-government share can be negotiated.

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He further said that under the Pradhan Mantri Awas Yojana, the government has also decided to give Rs 2.50 lakh subsidy to the first-time buyers. These first-timers can purchase the flat and avail the benefit under the scheme. We want to give houses to as many people who don’t own a home, he said.

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Source Link- http://www.zeebiz.com/.

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