The Thane Municipal Corporation has finalised two plots admeasuring 45,902 sq m in Betawade area between Diva and Dombivli for a low cost housing project for project affected people and economically weaker sections under the Pradhan Mantri Awas Yojana (PMAY).
The civic body, which acquired the two government plots from the Thane Collector admeasure 37,302 sq m and 8,600 sq m, will construct the project under Public Private Participation model and the tendering process for appointing developer has been initiated.
Thane Municipal Commissioner Abhijit Bangar held a review meeting of the project at the civic headquarters on Wednesday. PPP project expert Ajay Saxena, and the team from transaction advisory Crisil were present at the meeting which discussed the feasibility report prepared by Crisil.
The project will provide affordable housing to 1,253 beneficiaries in the economically weaker sections category, and 183 project affected people. Both beneficiaries will be provided 322 sq ft carpet tenements. While the EWS category will get the homes at a nominal cost, the PAP beneficiaries will have to contribute ₹two lakh each for the homes.
The bidder who will construct more than 1,441 tenements and will be willing to bear the cost which will also include five-years of maintenance and repairs will be selected.
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“The TMC will not be required to bear any cost. This is a project where the developer can recover the cost of affordable tenements from his saleable component. We would like the project to start before the end of February 2024 as it would take another 18 to 24 months for completion,” Bangar told HT on Thursday.
The affordable housing scheme tenements will get ₹1.5 lakh subsidy from the Centre and ₹1 lakh from the state government.