The state government’s controlled town planning and infrastructure development authority and the City and Industrial Development Corporation (CIDCO) have secured a fund-based Line of Credit (LOC) worth ₹5,000 crore from the SBI for the Pradhan Mantri Awas Yojana (PMAY) mass housing project in Navi Mumbai. This funding infusion will help in speeding up the ongoing project with more than 1.12 lakh houses. The rate of interest for this financing is 6%, which is the lowest for any public sector bank for a line of credit of this size. This funding deal has also helped in securing financial closure of this mega housing scheme involving ₹30,000 crore. The entire project will be financed with ₹4,000 crore funding by CIDCO, ₹5,000 crore through SBI’s Line of Credit and the remaining will be internal accruals of the project.
The housing scheme is amongst the largest of this kind in India and the international arena, informed Vice Chairman and Managing Director, CIDCO, Sanjay Mukherjee. The town planning body is implementing this housing scheme based on the concept of ‘Transit Oriented Development’ (TOD) in various nodes of Navi Mumbai and the entire project will be developed in three phases. The first phase has 23,500 units, second 67,000 units and the third phase will have additional 22,000 units. Around 35% of these houses are reserved for the economically weaker section (EWS) of the society, 15% for the lower-income group (LIG), and the remaining houses will be for open market sale.
