Maharashtra Notifies New Housing Policy Draft
Maharashtra government has finally notified the new housing policy draft that had been announced in September 2016. The policy draft allows the redevelopment of more than 25,000 buildings with about 2.25 lakh units, situated on Maharashtra Housing and Development Authority (MHADA) layouts.
With the new policy, the state government has reslaxed the condition for redevelopment on plots less than 2,000 sq m which required the additional stock to be shared with the government. This change is expected to encourage redevelopment of 65 MHADA layouts, most of which are located in the suburbs.
Further, the policy draft also mentions that layouts of 4,000 sq m and above will get additional Floor Space Index (FSI) of one, which has to be used constructing housing stock. This additional stock will later be bought by MHADA and made available to the public at affordable rates. In this way, the move will augment the state government's stock of affordable housing by more than one lakh units besides promoting redevelopment.
Prakash Mehta, State housing minister, commented that the policy will benefit developers as well as residents. Residents will get larger units of about 376 sq ft as against the earlier 300 sq ft. Experts state that the redevelopment of 104 MHADA layouts that had been stuck for years due to unviable rules will now be made possible.
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