PMAY- Bids for constructing 33,500 affordable homes invited

There is good news for all the beneficiaries of the affordable housing scheme- Pradhan Mantri Awas Yojna across the nation. Putting a step forward in the execution phase, the Government has invited bids for constructing 33,500 affordable homes under the PMAY.

The State Government of Maharasthra’s wing the Maharashtra Housing and Area Development Authority (Mhada) has called upon the private realty developers to develop the 33,513 houses at an affordable price of Rs.10,00,000 per unit within the coming three years.

These affordable homes under the Pradhan Mantri Awas Yojna are to be constructed in the adjacent locations of Thane, Kalyan and Khalapur and the Mhada has circulated a bid in the neighboring places. Each loft constructed would be in a plinth area of 322 square feet and the economically weaker sections are the segment of the society who will be benefitted under this scheme. This plan is specially incorporated for those whose annual income does not exceed more than Rs 25,000.
The governing body says that they have invited bids under the turnkey basis and that they are expectant to get a healthy competitive prices in bidding where a real estate developer would be given 2.5 Floor Space Index (FSI). The constructed buildings would be 14 storied at the beginning. In the later stages of constructions, seven and four storied buildings may be constructed depending on the change as per the FSI and the geographic situation in the areas where these projects are developed.
The homes under this affordable housing scheme are to be finished by 2022 at the maximum. However, this lot in the state of Maharashtra will not take such long as this is the initial lot to begin with.

To cater to the housing needs of the population, the Central Government has depended on four segments including the slum redevelopment as the same land is used as a resource. A credit link subsidy with home loans at an interest rate as low as 6.5% for 15 years is the other component. Including the private sector in varied requirements are the other components of the Pradhan Mantri Awas Yojna.
Many of the beneficiaries are quite happy with this new step as there are few disappointments over the plan’s implementation across some states and hope this stands as an inspiration to the other states as well. It is after all a change in the urban scenario of India.