Maharashtra Government To Buy Unsold Flats From Private Developers

The state has planned to buy these unsold flats at reasonable rates and sell them at affordable prices. These flats will come under the PMAY scheme that will be sold by the Maharashtra Housing and Area Development Authority (MHADA).

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Maharashtra Government To Buy Unsold Flats From Private Developers

In order to promote the much-touted Pradhan Mantri Awas Yojana and achieve its target of building 19 lakh homes in the entire state, the Maharashtra government has planned to buy unsold flats at reasonable rates directly from private developers. These flats were not being sold for a very long time and failed to attract buyers due to its high rates.

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The state has planned to buy these homes at reasonable rates and sell them at affordable prices. These flats will come under the PMAY scheme that will be sold by the Maharashtra Housing and Area Development Authority (MHADA) considering the demand for the houses.

While beneficiaries of the PMAY scheme may have their reservations for buying these flats, the state will make sure that the quality of the construction is up to the mark even if they are offering it at a lower rate. A senior official said that a team of experts will be appointed to confirm the quality of these flats.

Read Also: Maharashtra To Get 10,600 More Homes Under PMAY, After Centre’s Nod

Due to land scarcity, not a single location in Mumbai was proposed by MHADA for constructing homes under PMAY. However, with schemes like issuing loans at cheaper interest to SRA projects that are stalled due to a financial crisis, the authority has a better chance to get affordable homes in Mumbai.

Till date, MHADA, the implementing agency for PMAY scheme, was able to construct only 50, 000 houses in the last three years under the Housing for All scheme. Around 20 lakh responses have been received from home buyers for the PMAY scheme across the state.

Read Also: MHADA To Approach Private Landowners To Raise Houses Under PMAY

The household income of the beneficiaries of the PMAY scheme should not be more than Rs 25,000, and the affordable unit on sale will be between 30 square meters. and 60 square meters. A subsidy of Rs 2.5 lakh for each EWS buyer will be jointly shared by the Centre and State.

Source Link- https://accommodationtimes.com/.

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