In a bid to revitalise the real estate industry, the Maharashtra government is planning to invite major banks and financial institutions to promote and invest in government housing projects, State Housing Minister Jitendra Awhad said on Friday.
Mr. Awhad said, “The real estate industry needs to be promoted and infused with money to ensure the completion of housing projects. For any economy to thrive and grow, the real estate industry has to be powerful and in a working condition. The government since its formation has been reviewing the sector and has found that it needs a financial push.”
The Minister said a meeting will soon be arranged between representatives of the State Bank of India (SBI), Bank of Maharashtra, Bank of Baroda and Japan International Cooperation Agency and Chief Minister Uddhav Thackeray and Nationalist Congress Party chief Sharad Pawar to discuss the issue.
Mr. Awhad said, “There is unrest within the housing sector and it has to be dealt with immediately. Unless one finances the government housing projects, they won’t be completed on time. We are seriously considering the option of asking these financial institutes to extend their helping hand.”
The Minister had recently held a meeting with SBI officials to invite them to invest in the real estate sector. Two weeks ago, in a review meeting of the Housing Department, Mr. Thackeray had said a thriving real estate industry would help revive the State’s economy.
Mr. Awhad said he has been pushing the Maharashtra Housing and Area Development Authority (MHADA) to develop its land bank instead of handing over the task to private builders. He said, “Let the MHADA earn the money by constructing houses. It is already in profit and more money coming its way would mean that the MHADA will be in a position to help the government financially.” The Minister said a study group has been organised to find out methods to develop the MHADA land bank and a report on it will soon be submitted.
Mr. Awhad said a decision to reserve 10% of MHADA houses for police constables and another 10% for grade IV government employees is on the agenda. He said, “We are also planning to place reservations on vacant government land to build houses under the Pradhan Mantri Awas Yojana.”
(Source: The Hindu)
