Maharashtra: Rs 120 crore advance for Solapur’s housing project

  • | Wednesday | 17th October, 2018

The Maharashtra cabinet on Tuesday sanctioned a mobilisation advance of Rs 120 crore for an ongoing affordable housing project in Solapur. The Ray Nagar Federation’s housing project is the only one of its kind in the state. This includes Rs 1.5 lakh per unit paid by the Centre, and Rs 1 lakh by the state. As per the Pradhan Mantri Awaas Yojana provisions, the project is eligible for a grant of Rs 2.5 lakh per unit. It is being undertaken by a cooperative housing federation, the Ray Nagar Federation.

The Maharashtra cabinet on Tuesday sanctioned a mobilisation advance of Rs 120 crore for an ongoing affordable housing project in Solapur. The project, being developed under the Centre’s Pradhan Mantri Awaas Yojana, involves construction of 30,000 affordable housing units on cooperative basis. It is being undertaken by a cooperative housing federation, the Ray Nagar Federation. As per the Pradhan Mantri Awaas Yojana provisions, the project is eligible for a grant of Rs 2.5 lakh per unit. This includes Rs 1.5 lakh per unit paid by the Centre, and Rs 1 lakh by the state. While the first installment of this grant – 40 per cent of the total grant – is normally paid after the project promoter’s have obtained the commencement certificate and furnished a bank guarantee, the cabinet on Tuesday waived off these conditions as a special case. The Ray Nagar Federation’s housing project is the only one of its kind in the state. For all the latest Mumbai News, download Indian Express App

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