State Sets Up MahaHousing To Speed Up Construction Under PMAY

State Sets Up MahaHousing To Speed Up Construction Under PMAY

State Sets Up MahaHousing To Speed Up Construction Under PMAY
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To speed up the construction of homes under the Pradhan Mantri Awas Yojana-Urban, the Maharashtra government has given its approval to set up the Maharashtra Housing Development Corporation (MahaHousing). The newly set up body, headed by Chief Minister Devendra Fadnavis, will replace the Maharashtra Housing and Area Development Authority (Mhada) as the nodal agency for PMAY projects.

The move has come after the government observed that the Mhada, facing a resource crunch, had its hand full with other key housing projects across the state.

The new agency will be completely dedicated towards the PMAY projects, helping the government to achieve its target of 19.4 lakh affordable homes in urban and 11 lakh in rural areas by 2022.  However, the MahaHousing has been given a target of constructing five lakh homes by 2022.

The state government has received an approval to construct seven lakh homes and awaits a nod for another 10 lakh by the end of 2018.

MahaHousing is expected to receive equity from the Mhada, the Slum Rehabilitation Authority (SRA) and the Shivshahi Punarvasan Prakalp Ltd (SPPL). These agencies are expected to pool in Rs 100 crore each in the newly formed agency. This agency will last until 2022 or till the PMAY continues, whichever is later.

While Fadnavis will lead the agency as the chairman, the state’s housing minister will be vice-chairman. The other board of directors will include the secretary of urban development department, the vice-president of the Mhada, the chief executive officer of the SRA, and the chairman of the Nagpur Improvement Trust.

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