MHADA Set to Enter Student Hostel, Old Age Home, and Rental Housing Markets

For the first time in its 47-year history, the Maharashtra Housing and Area Development Authority (MHADA) will explore a variety of housing options, including shared apartments, rental housing, student housing, working women’s hostels, studio apartments, industrial housing, and senior citizen homes.

NITI Aayog’s plan to turn the Mumbai Metropolitan Region (MMR) into a USD 300 billion GDP by 2030, up from USD 140 billion in 2023 and ultimately USD 1.5 trillion by 2047, includes the plan to diversify into areas other than residential and commercial, according to MHADA officials. The entire worth of goods and services generated during a certain time period is measured by the GDP.

Since its founding on December 5, 1977, MHADA has been offering business buildings in residential areas and meeting the need for affordable housing. In addition to these two components, it has been selling plots.

To lay out a thorough plan for the MMR as a growth hub, a workshop was held on Tuesday. “It centred on involving stakeholders, such as private developers and construction experts, to collect feedback, tackle obstacles, and cooperatively develop solutions,” an MHADA representative stated.

Delivering 30 lakh affordable dwelling units by 2030—22 lakh of which will be finished through slum restoration and 8 lakh through affordable housing programs run by MHADA and the City and Industrial Development Corporation (CIDCO)—is one of the transformation plan’s main goals.

The new directions that MHADA is considering will combine many different approaches, including the Authority’s creation of these, public-private partnerships, enlisting private parties, etc. Another option being considered is for MHADA to build the new housing models and then turn them over to a private organisation for upkeep and operation.

According to an MHADA official, before submitting a proposal to the state government, the overall plans to achieve NITI Aayog’s objective are still in various planning stages and are being finalised.

Source: Hindustan Times

Leave a Reply

Your email address will not be published. Required fields are marked *