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Maharashtra Govt invites private builders to partner MHADA for Affordable Housing
Economic Times  |  February 21, 2020

Kailash Babar, ET Bureau, Mumbai

The government of Maharashtra is inviting private real estate developers to partner with its housing agency Maharashtra Housing & Area Development (MHADA) to build affordable residential projects across the state, said Jitendra Awhad, state housing minister.

 

This model has already been explored by the state governments of Uttar Pradesh, Haryana and West Bengal.

 

“We (MHADA) will be happy to tie up with private developers, we will be equity partners in the project and are willing to take risks,” the housing minister said. “The day I took charge, I announced that I am pro-builders. I will do whatever it takes to build affordable homes. So far, we have been only facilitators and now I feel we need to change our approach. I want builders to join hands with us.”

 

MHADA will be picking up equity in these projects and facilitate faster approvals apart from additional support to the project. The modalities for these alliances will be finalised soon, he said at the CII real estate conference.

 

Dubai-based listed realty developer Emaar Group has reached out to the government showing its interest in developing projects in Mumbai Metropolitan Region (MMR). A meeting between the minister and Emaar’s representative is expected to take place in two weeks’ time.

 

According to industry experts, the government and private developers’ joint ventures for affordable housing projects will receive a good support both from the developers as well as homebuyers.