20% reservation for affordable housing, Maha govt

By Accommodation Times (www.accommodationtimes.com)

Mumbai:
The state government has made it obligatory to reserve 20% of the plot for smaller sized affordable housing for all those projects which are spread over 2000 sq m land.
This new policy would be applicable to the 26 municipal corporations and all municipal councils in the state. The main objective to issue notice by the state urban development department to urge the concept of inclusive housing at a time when most developers, especially in Mumbai, are in the business of creating luxury 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.