Another testament to the global recession which particularly hit the realty sector is that since the notification for the scheme was issued in November 2008, the MMRDA has just received eight proposals and none in Mumbai. “It is not a lucrative offer for the developers but they do breakeven and the 15 per cent commercial exploitation does fetch them good revenue,” Gaikwad added.
The rental houses will be allotted to interested candidates through a lottery system at monthly rent ranging from Rs 800 to Rs 1,500, depending upon the location.
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