Click to play videoMumbai: The common people of Mumbai may dream of affordable homes. An ambitious low-cost housing programme promises to provide flats on rent for as less as Rs 800.
The Mumbai Metropolitan Region Development Authority (MMRDA) on Tuesday announced it would construct 133,000 flats near the city. The MMRDA, in collaboration with real estate giant HDIL, will construct the flats on 525 acres in Virar suburb in Thane district north of Mumbai. The project aims to house around 2 lakh people in the flats.
The rent for the flats will range from Rs 800 to Rs 1,500 per month. Each flat measure 160 sq ft and will be given on lease for a period of five years.
“90,000 (flats) are made for free-sale components and 43,000 are purely rental housing tenements of 160 sq feet each,” said Ratnakar Gaikwad, Metropolitan Commissioner, MMRDA.
Only people with a minimum monthly income of Rs 5,000 will be eligible to apply for houses. Applicants should preferably be domiciled in Maharashtra, but it isn't a compulsory requirement.
The MMRDA also announced eight other low-cost housing projects in the city to house 5 lakh families in the next few years. The authority will earn Rs 5,000 crore in rent and builders will benefit will benefit as they would be allowed to construct taller buildings with more flats.
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