Maharashtra wants 50% of PMAY units to be sold at ready reckoner rates

The state has directed developers, who have agreed to undertake Pradhan Mantri Awas Yojana (PMAY) projects, to sell 50% of the low-cost houses developed as part of the scheme at Ready Reckoner (RR) rates instead of the Maharashtra Housing Area Development Authority (MHADA) policy. With this, houses under the Pradhan Mantri Awas Yojana (PMAY) may become more affordable. The housing department’s move has also assured that nearly 10 lakh affordable homes can be built in the state. “The Maharashtra Housing Area Development Authority (MHADA) policy is a lot more complicated. We have asked the developers to sell 50% of the houses developed under the PMAY at RR rates. Currently, the developers sell the flats at a cost almost 20-25% more than the RR rates,” a senior housing department official said. Housing department officials said the developers asked to build houses under the PMAY scheme were offered an additional 2.5 Floor Space Index incentive. “Keeping this in mind, they should hand over 50% of the total PMAY houses constructed to the state government. The rest can be sold at the market rate,” another official said.