NAREDCO signs MoU for 3 lakh affordable houses in Mumbai Metropolitan Region

In a step towards fulfilling the initiative of ‘Housing for All by 2022’, the Maharashtra State Government and National Real Estate Development Council (NAREDCO) has announced that it has signed a Memorandum of Understanding (MoU) during the ‘Magnetic Maharashtra: Convergence 2018’, which will provide 3 lakh Affordable houses in the Mumbai Metropolitan Region (MMR).

Under this MoU, the proposed investment has been valued at Rs 90,000 Crore. This investment, on behalf of NAREDCO, will result in creation of 3 Lakh Affordable Houses under Pradhan Mantri Awas Yojana (Urban). “These 3 lakh affordable houses will be constructed in the MMR through NAREDCO members in a time bound manner,” said Dr Niranjan Hiranandani, National President, NAREDCO.

“The proposed investment of Rs 90,000 Crore will provide direct employment to 6,25,000 professionals. The proposed year of commencement is 2018,” added Dr Niranjan Hiranandani.

As per terms of the MoU, the State Government of Maharashtra will facilitate the members of NAREDCO, to obtain necessary permissions / registrations / approvals /clearances/ fiscal incentives etc from the concerned departments of the State, as per the existing policies / rules and regulations of the Government of Maharashtra.

“The objective of this MoU is to ensure construction of affordable housing and to address the housing deficit in the Mumbai Metropolitan Region, the MoU will have the State Government working towards a process for speedier permissions and clearances for these affordable homes,” said Dr Niranjan Hiranandani.

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