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Maharashtra To Create Land Banks To Build Affordable Homes By ugesh sarkar, Section Pune Real Estate
As rapid urbanisation in Maharashtra adds to the pressure on infrastructure and urban amenities, the state government is desperately scrambling for space to meet its social objective of affordable housing. Now, the state government has floated an idea to create land banks in major urban centres with potential for industrial growth, reports Economic Times.
Apart from the land that is already in its possession, the state government plans to buy private land at market rate and use it for housing, the report added. Minister of state for housing Sachin Ahir told a press conference on Wednesday that land banks are being prepared in major cities where urbanisation and industrial growth creates more demand for housing. "The demand for housing is growing in cities, but we lack adequate land. We need to create land banks with whatever land that is available now in urban and semi urban areas," said Ahir. Source: Realty Plus Maharashtra to create land banks to build affordable homes Click On "Full Story" For More...
According to the report, the proposal has come up after the state government discovered that it holds little land that can be used for housing in major cities including Mumbai. For instance, the Maharashtra Housing and Area Development Agency (Mhada) is in possession of only 100 acre in Mumbai which is hardly adequate to cater to the housing needs of millions of people. In order to partially meet the housing demand, state agencies like Mhada now plan to tie up with private developers to create housing stock on government land.
Ahir said the focus is on those cities which have potential for industrial growth. The government plans to implement the idea of land bank on a noloss, no-profit principle. "Government will buy land at market rate in major cities and allot it to developers with a precondition that the land would be used only for housing and that too as per government norms," Ahir added. The government is also keen on city specific considerations to make this proposal a feasible venture. For instance, the land that the government sets aside for housing in Pune will consider the second-home potential of the city and there could be incentives to developers to build luxury homes, it said.
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Related Links. Pune. Maharashtra to create land banks to build affordable homes . Also by ugesh sarkar |
