Priority For Maharashtra Govt - Ews Housing
An affordable housing to be promoted by, the Maharashtra government has suggested
building 20% of the flat in residential property for EWS/LIG housing offering a mix of an affordable housing in premium residential projects. Amalgamation of EWS housing with luxury projects doesnt go down well with the buyers, although in several sales this has to mandatorily be provided in group housing projects.Affordable housing is much needed in Mumbai, demanded on 20% compulsory building of affordable housing on private land owned by builders which is unfair to the developers. Incentivizing is a good option where developers will be encouraged to build an affordable residential property in Mumbai in return for some incentives.
Currently the matter is under discussion and suggestion/objection is filed by Marathon Group with the government on the same. Most developers approach to encourage EWS/LIG housing appears forced considering the limited development options, especially in island city areas. Challenges to design exclusive buildings meant for EWS/LIG and premium housing with minimal interference without compromising on aesthetics.
As developers in favor of an affordable housing especially in urban areas suggesting that the route taken is not the best one. Government is asked to set up an industry in a not so industrialized flourishing area, they offer certain incentives as well. A similar approach is followed for the real estate sector, where the results will be exceedingly good.
Furthermore, a mix of an affordable housing with premium residential property of Mumbai is not a practical idea particularly for allotted plots of small sizes as there may be issues from architectural and engineering feasibility to social issues.
Amenities in premium residential property are high-end and comes at a cost which may be a burden for people living in the affordable apartments within the residential complex. As today India is of the opinion that there has been a marked dip in premium residential housing sales in Mumbai, over the past two to three quarters an affordable housing component in such residential projects is a good means of ensuring there are at least some guaranteed sales. The subdued sentiments prevailing that at moment, budget housing continues to sell well in Mumbai.
As a social perspective, the ruling ensures that budget homeowners in these residential property have the benefit of good infrastructure which is more or less a given in a premium project. Its a positive intention to provide an accommodation to the EWS of people in the same habitat as that of middle and upper income groups.
If proposed rule is made compulsory then developers might have to go for composite buildings with four floors of an affordable housing and 10-12 floors premium housing. As here the maintenance will cause worry and input costs of developer will go up resulting rise in cost of real estate.
The move is positive, it needs to be reviewed by recommendations from developers too as the current proposal has several discrepancies. Such new policies with discrepancies only add to numerous approvals as developer needs to get for construction.
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