BHUBANESWAR: The Confederation of Real Estate Developers Associations of India (Credai)- Odisha chapter has identified about 20 acres of land for developing low cost housing projects.
Such projects are to be developed under the fourth model of the Revised scheme for urban housing in Odisha -2013 notified by the state housing and urban development (H&UD) department recently.
In the new scheme, the fourth model ‘Voluntary Social Housing Scheme’ allows the private builders desirous of building units for only economically weaker sections (EWS) and Low Income Group (LIG) categories, beyond the mandatory provision of 10 per cent of built up area to participate under this model.
The developers will get approval, including permission for land usage change and layout plan, within 60 days.
Welcoming the new model introduced in the revised scheme, Binay Krishna Das, President, Credai- Odisha said, “The local developers are ready to implement the policy and the fourth model will fulfill the need of the middle class people with low income who can’t afford to purchase their houses in high end residential projects.”
Umesh Patnaik, general secretary, Credai-Odisha said, “Our members are ready with a land bank of around 20 acres to develop the affordable housing projects on this model in Bhubaneswar with an overall price cap of Rs 15 lakh for each unit. They are waiting for necessary amendments in the regulations of the approving authority.”
The revised scheme which superseded the scheme announced in 2012 has mandated to reserve at least 10 per cent of the total residential built up area for the (EWS) category in the apartments and group housing projects developed by the private players. The department has scaled down the mandatory reservation for EWS to 10 per cent from 15 per cent proposed earlier.
The reservation has been made compulsory by the state H&UD department for all such residential projects developed by private players over a plot size exceeding 2000 sq metres.