Latest news with #JitArolkar
Time of India
26-05-2025
- Business
- Time of India
Goa housing board to collaborate with private players to provide affordable homes
PANAJI : The Goa Housing Board (GHB) has decided to undertake all upcoming residential and commercial projects through a joint venture to provide quality construction to Goans. The GHB will design residential and commercial properties, and private players will be involved to complete the projects on a sharing basis. GHB chairman Jit Arolkar said the decision was taken to generate revenue for the board and purchase new properties to provide affordable housing to residents of Goa . 'Sharing would be on the basis of floor area ratio (FAR) between the board and the private player,' he said. Arolkar mentioned that through the joint venture, the board is likely to gain an additional 20% profit besides the profits from projects undertaken by the board itself. In the joint venture, the housing board's investment will solely be land, Arolkar said. He explained that when he took over as the chairman of the board, its financial condition was negative. 'I saw that the quality of construction was poor, resulting in no buyers for the existing flats and row villas despite repeated auctions,' he said. The chairman said that considering all the facts, the board has decided to develop residential and commercial properties through the joint venture. 'The land would belong to the board. We will design and plan residential and commercial complexes and put them up for auction,' Arolkar said. 'Private players will bid for projects, and the highest bidder will be selected to complete a project on a sharing basis.' Arolkar noted that involving private players will help the board complete projects with quality construction without any issues, and the money generated from the projects would be utilised to purchase new properties for the board. 'We have almost completed the existing properties. The board has no money to purchase new properties to develop for Goans,' Arolkar said. 'The joint venture will help generate revenue as the board is an autonomous body, and that money will be used to purchase new properties in Goa for development.' Arolkar added that affordable housing can be provided to Goans only by the housing board, and that is the reason the board decided to develop the projects through a joint venture.
Time of India
25-05-2025
- Business
- Time of India
GHB to collaborate with pvt players to provide Goans affordable homes
Panaji: The Goa Housing Board (GHB) has decided to undertake all upcoming residential and commercial projects through a joint venture to provide quality construction to Goans. The GHB will design residential and commercial properties, and private players will be involved to complete the projects on a sharing basis. GHB chairman Jit Arolkar said the decision was taken to generate revenue for the board and purchase new properties to provide affordable housing to residents of Goa. 'Sharing would be on the basis of floor area ratio (FAR) between the board and the private player,' he said. Arolkar mentioned that through the joint venture, the board is likely to gain an additional 20% profit besides the profits from projects undertaken by the board itself. In the joint venture, the housing board's investment will solely be land, Arolkar said. He explained that when he took over as the chairman of the board, its financial condition was negative. 'I saw that the quality of construction was poor, resulting in no buyers for the existing flats and row villas despite repeated auctions,' he said. The chairman said that considering all the facts, the board has decided to develop residential and commercial properties through the joint venture. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tukarkan Bitcoin dan Ethereum - Tanpa Dompet Diperlukan! IC Markets MULAI SEKARANG 'The land would belong to the board. We will design and plan residential and commercial complexes and put them up for auction,' Arolkar said. 'Private players will bid for projects, and the highest bidder will be selected to complete a project on a sharing basis.' Arolkar noted that involving private players will help the board complete projects with quality construction without any issues, and the money generated from the projects would be utilised to purchase new properties for the board. 'We have almost completed the existing properties. The board has no money to purchase new properties to develop for Goans,' Arolkar said. 'The joint venture will help generate revenue as the board is an autonomous body, and that money will be used to purchase new properties in Goa for development.' Arolkar added that affordable housing can be provided to Goans only by the housing board, and that is the reason the board decided to develop the projects through a joint venture.
Time of India
22-05-2025
- Business
- Time of India
In a 1st, Goa hsg board to develop pvt orchard land
Panaji: In a first for the state, Goa housing board (GHB) has decided to develop private orchard land in the state on a ratio-sharing basis with the landowner. Private landowners who want to have a joint venture with the GHB to develop their property should have a minimum land parcel of 50,000 sqm. The GHB will develop the plots, and its share will be put up for auction for locals. The rest of the developed plots will be handed over to the landowner. GHB chairman Jit Arolkar told TOI that the board decided to develop private orchard land so that Goans could get plots to construct their own houses. Arolkar said that any private landowner who has a minimum 50,000 sqm orchard land can approach the GHB for a joint venture to develop the land. 'We will issue a public notice soon to invite private landowners for a joint venture with the board to develop the property,' said Arolkar. He also said that the board will not develop any land which comes under no-development zone (NDZ), coastal regulations zone (CRZ), and slope, among others. 'This concept will help the board generate revenue and make it self-sufficient, as it is an autonomous body,' said Arolkar. The chairman said that there would be no financial transaction. 'For example, if the land is developed on a 50% ratio-sharing basis, then 50% of the land would be made available to Goans who want to construct their dream house. We will make 300 sqm plots and, as per the rules and regulations of the board, it would be auctioned to local Goans,' said Arolkar. He also said that currently, there is no property with the housing board for development, and the board is planning to purchase new properties. Over the past two decades, Goa has become a hub for multiple properties, flats, and condominiums, he said. The state is always on the radar of investors across the world, who want to invest in the real estate market here for their second or third homes. Heritage houses and other, larger properties also find ready, wealthy buyers. 'Yet, at the same time, the onus is on state govt to build good quality affordable homes for the citizens, especially those from weaker sections of society,' said a senior official. 'Commercial and industrial properties in Goa have seen a substantial increase in demand. The demand is especially high in prime locations that have good connectivity to the airports, railway stations, and bus stands, closeness to basic amenities such as schools and hospitals. Demand is also high for projects developed by reputed national and international builders,' he said.
