20% of land reserved for affordable housing, state govt

By Accommodation Times (www.accommodationtimes.com)
Mumbai:
The state government has taken a major initiative to provide affordable housing, as it has made it obligatory for developers to keep reservation of 20 percent of land if construction is over 2000 sq mt. After the cabinet meeting Chief Minister Prithviraj Chavan said that, from now onwards it will be obligatory to developers those are constructing over 2000 sq mt to keep reserved 20% piece of land for affordable housing.
However, in case of housing developing projects, it will be mandatory for them to reserve 20 per cent flats of 27.88 to 45 sq mt area for people from economically backward classes and low income groups. The reserved flats will be purchased by the MHADA on construction cost and sold it to the economically weak people and lower income group by lottery system.
According to the CM this move will control the rising real estate prices. He added that, Development Control (DC) rules of municipal corporations and municipal councils will be amended to incorporate the necessary changes, Chavan added.