Maharashtra is expecting Rs 3.6 lakh cr investment in housing sector through its much hyped Magnetic Maharashtra investors meet program. Of this, Navi Mumbai likely to see investment of Rs 1.5 lakh crore in affordable housing. Three-day Magnetic Maharashtra summit starts on February 18 in Mumbai.
The government is expected to present Navi Mumbai as a big destination for affordable housing. The government is targeting two lakh affordable houses within three years. Of this, 50,000 houses would be built by CIDCO.
Under the category of economically weaker sections, the cost of CIDCO houses will range between Rs 16 lakh and Rs 17 lakh. Houses for the low-income group will be between Rs 20 lakh and Rs 22 lakh. The projects undertaken by private developers would be marginally higher varying between 5 and 10 per cent.
The big-ticket projects, such as the Mumbai Trans-Harbour Link (MTHL) or the Navi Mumbai International Airport make Navi Mumbai very attractive destination for affordable housing. Further, expansion of the CST-Mankhurd Harbour Line to the 12-lane and Thane Creek Bridge provide 360-degree connectivity to Navi Mumbai. The first phase of the 12-km Nerul-Uran railway line is expected to be complete by December 2018 and the second phase by 2019. The first runway of the Navi Mumbai International Airport will become functional by December 2019, the second by 2020.