Chavan nod for Mhada JV policy

Mumbai: Chief minister Prithviraj Chavan on Wednesday gave a green signal to the Maharashtra Housing and Area Development Authority (Mhada)'s new policy to jointly develop affordable houses with private players by giving them a higher FSI in lieu of transferring the ownership of land to the housing board.

    According to the new policy, land owners/developers will be given a higher share of the floor space index (FSI) of 2.5 if they jointly develop plots of 2,000 sq m with Mhada. Developers will now get 1.75 FSI instead of the usual 1. In return, the private land will have to be transferred in Mhada's name and the developer will have to construct flats for Mhada from the latter's share of 0.75 FSI, for which the housing body will pay at the prevailing construction cost.