The City and Industrial Development Corporation (CIDCO) plans to develop 3,292 affordable houses for lower income groups and economically weaker sections, it was officially announced in Mumbai on Tuesday.
"To fulfill the objective of shelter for all, CIDCO has decided to develop 3,292 houses for economically weaker sections and lower income groups," CIDCO Chairman Pramod Hindurao said in an official statement.
The yet-to-be-named affordable scheme, slated to be completed by March 2016, would have 2,590 houses for the lower income group segment and 704 flats for the marginalised.
The scheme is set to be launched on July 22 and application forms along with an information booklet, which costs Rs 50, would be available on the same day for a month.
"To make it more feasible to buy a home in the scheme, the applicant has been given the facility to pay the amount in six equal installments," he said.
A flat meant for economically weaker sections of around 28.55 square metres would cost Rs 15.78 lakh, while lower income group flat of 34.36 square metres would cost Rs 23.93 lakh.
The statement said that applicants would have to pay a refundable deposit. They would have to deposit Rs 25,000 for the economically weaker section flat and Rs 50,000 for the lower income group flat. Monthly income of the applicant for the economically weaker section applicants should be under Rs 16,000 and the lower income group applicant would have to earn between Rs 16,001 and Rs 40,000, the release said.
"We have also decided to give special reservation for Navi Mumbai project affected people. CIDCO is committed to provide quality houses at affordable prices. To make the dream of owning a house, a reality for economically weaker sections like housemaids and auto-rickshaw drivers, the 'Nano' housing scheme is in the pipeline," he said.