In this situation the Maharashtra cabinet on recently announced decisions that will help create housing stock for lower and middle income families and expedite slum redevelopment projects.
The state government has invited comments from the public on a proposed law that will make it mandatory for builders to reserve 20% of the stock in any housing project coming up on a plot of 2,000 square meter or more for lower and middle income families.
According to a state government official , ‘’The builder in turn will get 20% extra FSI (Floor Space Index)”
FSI indicates the permissible size of construction on any plot of land.
2011, September the Maharashtra state government issued a similar notification reserving 35% of the flats being constructed in the state for lower and middle income families, But in February 2011, the Bombay high court struck it down.
Chief minister Prithviraj Chavan said,’’By making it mandatory for builders to reserve a percentage of housing stock for lower and middle income groups, the government was fulfilling a promise made by the ruling Democratic Front in its election manifesto.”
Mr. V.K. Phatak, former chief town and country planner of the Mumbai Metropolitan Region Development Authority said, “There have been conflicting debates on the subject of reservation in a project. While many countries such as the UK and Spain have implemented this, it is also believed that it may lead to escalating the cost of the component which is sold in the market because one portion is being sub - sidized“
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