News & Views on Indian Real Estate

Tuesday, September 09, 2008

Mumbai To Get Its First Rental Housing Project

Mumbai housing problem will ease to some extent in the coming year. The city will get its first rental housing project of 35, 000 houses at Vasai's Tiwri village. The project will be developed by Dhanashree Developers and is a part of the Mumbai Metropolitan Region Development Authority's (MMRDA) ambitious plans for building five lakh rental houses in the next five years. The pilot project spread over 50 acres will have residential units of 160 sq ft, which will include a cooking space, bath and water closet. The MMRDA has specified that it would give these houses only to bonafide Maharashtrians who hold a domicile certificate from the state and have a monthly income of more than Rs 5, 000 every month. The rents of these houses would range from Rs 800 to Rs 1000.