MHADA Expands Footprints: Delves into Student Hostels & Old-age Homes

For the first time in the 47-year-old existence of the Maharashtra Housing and Area Development Authority, the housing body will foray into diverse housing solutions like rental housing, student accommodation, working women's hostels, shared units, studio apartments and industrial housing.

The plan to diversify into areas other than residential and commercial will be part of the NITI Aayog plan to turn the Mumbai Metropolitan Region into a $300 billion gross domestic product by 2030, up from $140 billion in 2023, and eventually $1.5 trillion by 2047, according to MHADA officials. The total value of goods and services produced during a specific duration is measured by the GDP.

Since its establishment on December 5, 1977, MHADA has been catering to affordable housing needs and providing commercial structures in residential areas. It has been selling plots apart from these two elements.

On Tuesday, a workshop was organized to outline a comprehensive roadmap for the MMR as a growth hub. Stakeholders, including private developers and construction pros, were enlisted to gather opinions, tackle obstacles, and work together to craft solutions, according to the spokesperson for MHADA.

Seven key pillars will be used to contribute to the economic transformation. Sanjeev Jaiswal, vice president and chief executive officer of MHADA, shared, "These are affordable housing, global service hubs, tourism and recreation, transit-oriented development, inclusivity, sustainability and advanced infrastructure."

The transformation plan will deliver 30 lakh affordable housing units by 2030, of which 22 lakh units will be completed through rehabilitation of slums and 8 lakh through affordable housing schemes led by MHADA and the City and Industrial Development Corporation.