Sunday, December 21, 2008

MMRDA plan to construct rental flats, to replace slums in Mumbai, hits a realty wall

With the developers treading carefully during the ongoing slump in the realty market, the Mumbai Metropolitan Region Development Authority’s (MMRDA) plan to construct rental tenements to replace slums in the city is taking a “marginal” hit.

Target - 1 lakh rental flats by November-December 2009

3 proposals of 75,000 flats sanctioned:

1) Tiwri Village near the Western Express Highway at Vasai - 35,000 rental flats on 50 acre - Dhanashree Developers

2) Dombivali - 35,000 rental flats - Nirmal Group

3) Karjat - 6,000 rental flats - Tanaji Malusare City (TMC), MMRDA joint venture

MMRDA Rental Housing Scheme:

The project known as Rental Housing Scheme aims at providing transit accommodation to people until they find a permanent one.

You will get a 160 sq ft residential unit on a leave and licence basis for a period which will be decided by MMRDA.

Monthly charges - depends upon the location, residential unit, cost of construction, market conditions and other expenses.

Flats to MMRDA in lieu of commercial space and premiums:

The total FSI of 4, including 25 per cent FSI for commercial use and 75 per cent for residential use, is allowed as per regulations for the schemes.

The intending developers will construct and hand over the rental houses free of cost to the MMRDA in lieu of sale rights of commercial area and premium offered to it.

Real estate slowdown - worried developers:

The major worry of the developers is the sale of flats that are built on the remaining FSI. There is an overall slowdown in the market. It had an impact on some developers. Talking specifically about the Rental Housing scheme, the developers are worried if this trend would continue. In that case, the developers may find it difficult to sell the flats that they will construct in lieu of tenements.
To read more, please, visit - Express India

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Pune Municipal Corporation to conduct a housing survey to review the housing issues in the city

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