Mhada will buy land on the current market rates

By Accommodation Times (www.accommodationtimes.com)

Pune
The Maharashtra Housing Development Authority (Mhada) recently has decided to purchase land according to the market rates for their forthcoming housing schemes. Earlier, Mhada was used to buy land lesser than the contemporary market rates and would find it difficult to convince owners to part with their land.
However, civic body has offered 2.5 Floor Space Index for Mhada schemes, it will create a huge number of housing stock and will aid to recover construction expenses. The authority has also proposed to some private realtor to participate in housing construction schemes. According to the senior officials, change in regulations will facilitate to authorities get sizeable land for its affordable housing agenda and attract land owners.
Rjendta Nimbalkar, chief executive officer, Mhada, Pune region said while addressing to reporters in media conclave that “buying private land on contemporary market rates is one our strategies, whereas it was never practically implemented authority relied on buying government-owned land for the projects.