Rental housing becomes highly lucrative

Mumbai:
Chief Minister Prithviraj Chavan’s recent approval which is permitting rental housing projects on land exempted under the previous Urban Land (Ceiling and Regulation) Act (ULCRA). According to the officials of the state government “approval is boost for the state govt’s low-cost rental housing scheme.” Whereas there are several hectares projects remains idle under Section 20 of ULCRA in the Mumbai metropolitan region, but this robust move will boost to the rental housing schemes.
Low-cost rental housing scheme has been introduced by the Mumbai Metropolitan Region Development Authority (MMRDA) in September 2008 to provide better life style to economically weaker citizens.
Recently MMRDA has approved approx 50 projects ‘location wise clearance’, some of them were proposed on land exempted under ULCRA. To get approved such project developers have to follow the norms as mentioned in the ULCRA Act to apply for consent.