Maharashtra Housing Development Corp To Be Set Up For Affordable Housing Maharashtra Housing Development Corp To Be Set Up For Affordable HousingThe Maharashtra Housing Development Corporation is the latest entity to be set up to expedite the construction of affordable housing in urban areas in the state. It has been set a target of 5 lakh housing units to be constructed by 2022 under the Pradhan Mantri Awas Yojana (PMAY).The state cabinet approved the setting up of the company, which will have the chief minister as its chairman, the housing minister as the vice-chairman and the secretary, urban development department, the vice-president, Maharashtra Housing Area Development Authority (MHADA), the chief executive officer, Slum Rehabilitation Authority, and the chairman, Nagpur Improvement Trust (NIT), as members of the board of directors.The state has set a target of 19.4 lakh affordable homes by 2022 in urban areas and nearly 11 lakh of these homes are planned to be constructed in the Mumbai Metropolitan Region (MMR). Sources said the decision to form a new company is being seen as an attempt.The company will enter into the public-private partnership and form joint ventures to undertake mega-projects across urban Maharashtra under the Pradhan Mantri Awas Yojana. It will be provided capital by MHADA, SRA, CIDCO as also the financial grants from the state and centre for the project will be given to this company.MHADA is sitting pretty on a Rs 7,000 crore shelter fund, part of which is to be used to fund rural housing under PMAY. The SRA is expected to shell out money it has raised from land premiums and slum TDR. The company will also be allowed to raise funds from banks and from the open market.Source Link-

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