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The state government has decided to build almost 27,000 flats in three cities of Bihar, including Patna. These flats will be constructed through Public-Private Partnership (PPP) and will be available at less than market rates.
A decision to this effect was taken at the state cabinet meeting on Tuesday presided over by Chief Minister Nitish Kumar. As a part of this decision, the state government has decided to construct 12,696 flats in Gaya, whereas almost 11,000 flats will be constructed in Patna. Meanwhile, 1,496 flats will be constructed in Muzaffarpur. Apart from residential flats, commercial spaces will also be developed under this scheme. "These flats will be constructed by the Bihar State Housing Board through PPP mode. A total of Rs. 9,275 crores will be spent in regard. However, the cost will entirely be borne by the private partners and in return they will be given full authority to use the commercial spaces," said Brajesh Mehrotra, Principal Secretary, Cabinet Coordination Department.
"These flats will be built in multi storied buildings and sold at a rate, which will be less than the prevailing market rate. These flats and commercial spaces will be given on a lease of 30 years. However, the lease can be renewed after this period on a payment of 10 percent of total value as administrative fees," added Mehrotra. The flats will be allotted through lottery system. According to the government sources, there will be a special quota for people belonging to economically weaker section. Almost 70 percent of the total project will be left as open areas, while the remaining land would be developed for residential and commercial purposes.
"This project will generate almost Rs 500-600 crores for the housing board. This money will help the struggling institution to get back on its feet," said Mehrotra.
