After the decision of state government, about 30 developers have submitted proposals to build low-cost houses in the Mumbai Metropolitan Region along with government-owned agency.
Big names, with advanced technology in construction sector, would be roped in by the state government to construct five lakh affordable houses in Mumbai, in the next five years, fulfilling Prime Minister Narendra Modi's dream of providing affordable houses by 2022. Once these houses are ready, the ever-soaring cost of living in Mumbai shall automatically start sliding.
The land cost, the bulk of expenditure for any real estate project, will be minimum in this case as these land parcels will be allotted by the government to the state housing authority. The process of planning and drawing of a roadmap for these projects will be initiated after the land allotment.
The state minister of housing, labour and mines Prakash Mehta had last month announced that Maharashtra is considering opening up land parcels under the no-development zones as well as plots belonging to Indian defence personnel in an effort to build affordable houses in Mumbai. The Maharashtra government has already entered into an agreement with the defence ministry that will allow land under its control in Mumbai to be used for mass housing.