The Mumbai Metropolitan Region Development Authority (MMRDA) is preparing to sell 2,500 low-cost flats located in Thane and Vasai-Virar. The state government has instructed MMRDA to proceed with the sale at rates determined by the government, with 50 percent of the flats built under its rental housing scheme.
Initially, the proposal aimed to serve renters seeking 160 square foot flats for individuals unable to purchase a home or those currently living in slums. The civic authority possesses a total of 5,000 such flats that will later be offered for sale.
While the existing flats are smaller, an additional stock of 5,000 flats is expected to be available for the public by next year, featuring an increased size—double that of the current flats.
Moreover, the civic body intends to construct as many as 500,000 low-cost flats over the next three years, which could significantly alter the property market landscape in Mumbai.
According to a notice issued by the state government, MMRDA may also approve the merger of apartments constructed under the rental scheme, a strategy designed to benefit the lower-income and economically weaker segments of society.
Further, the notification indicates that the civic body is authorized to allocate half of the newly created constructions under various plans in Mumbai for affordable housing within the rental scheme. This initiative is likely to provide considerable support to former mill workers and those affected by building collapses, as well as to those in need.