The Maharashtra Cabinet chaired by Chief Minister Devendra Fadnavis Tuesday gave its nod to form the state housing development corporation to boost the implementation of the Pradhan Mantri Awas Yojana.
Minister for Housing Prakash Mehta said the corporation will boost PM housing scheme as well as speed up mega housing projects.
"The government has aim to complete five lakh houses for economically backward classes and low and medium income group beneficiaries through MahaHousing. It will be affordable housing," the minister said.
Maharashtra has set a target to complete 19.40 lakh houses under the PM Awas Yojna by the end of 2022.
The Centre has given its permission to build such houses in cities across the state, he said.
The project will be implemented through public-private partnership as well as a joint venture scheme. But to implement the scheme in a time-bound manner, there is need to form separate agency other than Maharashtra Housing and Development Authority and that is why the decision to form MahaHousing was taken, Mehta said.
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The chief minister will be the chairman of the corporation whereas the housing minister will be the additional president.
The term of the corporation will be till the year 2022 or till the PM Awas Yojana target is achieved.
The corporation will raise funds from Mhada, Slum Rehabilitation Authority (SRA), ShivShahi Punarvasan Prakalp (SPPL) and through investment from other agencies.
The option to raise funds from market, banks will also be open, the minister said.