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Construction : Web Exclusive | February 2016 | Source : CW-India

MCHI inks MoU with Maharashtra Government

Maharashtra Chamber of Housing Industry (MCHI) and CREDAI have jointly signed an MoU with the Maharashtra government. Under the MoU, around 28 developers are likely to invest Rs 1.10 lakh crore in six projects constructing 5.69 lakh affordable homes.

Meanwhile, Prakash Mehta, Minister for Housing, Maharashtra, lauded the efforts of MCHI and urged the Maharashtra Chief Minister, Devendra Fadnavis, to formulate a structured definition of affordable housing.

“We want to construct 25 lakh affordable units in the state and we have undertaken a small initiative in this regard,” Mehta said.

According to the official from MCHI, in terms of revenue, it will translate into the sale value of around Rs 3 lakh crore to the government coffer and will translate into the taxation of around Rs 75,000 crore.

“I am delighted that the state government will receive a substantial amount of taxes through affordable houses,” said Fadnavis. The Chief Minister also gave a commitment to the industry body, for a hassle-free permission, which will help completing the affordable housing project in the MMR region.

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