Bid invited to construct 33,513 Mhada homes under PMAY

Taking a significant step under the Pradhan Mantri Awas Yojana (PMAY), the Maharashtra Housing and Area Development Authority (Mhada) has invited private developers to construct 33,513 homes priced at Rs 10 lakh per unit within three years.

The homes under the PMAY would be constructed in the neighbouring Thane, Kalyan and Khalapur, for which the Mhada has floated a bid. Each unit constructed would measure around 322 square feet and the eligibility for buying homes would be for people belonging from the economical weaker group (EWS) and buyers whose family income is not more than Rs 25,000 monthly.

“We have floated bids under turnkey basis and are expecting a competitive bidding where a developer would be given Floor Space Index (FSI) of 2.5. The buildings would initially be of 14-storey, followed by seven and four depending on the change in FSI and demographic situation in locations such as Khalapur,” said Vijay Lahane, chief-in-charge of Konkan board (Mhada).

After the BJP government came to power in 2014, the Rajiv Gandhi Awas Yojana (RGAY) was replaced with the PMAY. Prime Minister Narendra Modi launched the PMAY on June 25, 2015.

To address the housing requirement of the masses, the Central government has set four components, including slum redevelopment by using land as resource and credit link subsidy where home loans would be given at an interest rate 6.5 per cent for 15 years.