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Affordable Housing

Mumbai: 90,000 affordable homes up for grabs as part of CIDCO’s ‘lucky draw’ housing scheme

As part of Prime Minister Narendra Modi’s ‘Housing for All by 2022’ scheme, the City and Industrial Development Corporation of Maharashtra (CIDCO) plans to offer 90,000 homes under its mega housing scheme in Navi Mumbai, DNA reports. An online lucky draw by July-end or August this year will decide who gets their dream house in this round.

Chief engineer at CIDCO (special projects) Sanjay Chotalia told the newspaper that these flats, which will be constructed under the Pradhan Mantri Awas Yojana (PMAY), are meant for the economically weaker sections (EWS) and the low-income groups (LIG).

PM Modi’s flagship scheme, the PMAY was launched in June 2015 to ensure affordable housing for all by the year 2022 by providing financial assistance to the beneficiaries.

“We have all permissions in place. By June-end, the tender for construction of these 90,000 flats will be opened. And by July or August, these houses will be put up for sale through a lottery,” Chotalia said.

The flats are to be built at several locations in Navi Mumbai, some of which include Taloja, Kharghar, Panvel and Kalamboli. Of the 90,000 homes, 53,000 are to be constructed for the EWS category and the remaining 37,000 for the LIG category. These are expected to be offered at prices 20 percent to 30 percent lower than those offered by private developers in the market, taking into consideration the Rs 6,000 per sq ft price of a CIDCO house as against the Rs 9,000 per sq ft offered by a private developer.

Lottery winners will be able to pay as construction progresses. The initiative, industry watchers told the newspaper, ‘will restore some sanity to unit pricing and offer more options to needful buyers’.

READ MORE:  Affordable Housing Advocates Hope to Use the Democratic Majority in the House to Press for More Funding

similar offer by CIDCO for over 14,000 homes under its mega housing scheme in October last year received an overwhelming response. People, who missed out on October’s draw, participated in another round of lottery for 1,100 unsold flats that were part of the same scheme. Online applications for these 1,100 flats, which were open from January 1 to 31 this year, received an overwhelming response and saw over 57,000 valid applications.

Source: Moneycontrol

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