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The Goa Housing Board (GHB) has initiated a strategic shift by forming joint ventures with private developers for upcoming residential and commercial projects. This move aims to enhance construction quality and generate revenue for acquiring new properties, thereby expanding affordable housing options for Goans. Chairman Jit Arolkar emphasized that the GHB's investment would be limited to land, with private partners contributing to construction and project completion. This approach is expected to yield an additional 20% profit for the board, supplementing earnings from its own developments.
The Goa Housing Board (GHB) has decided to undertake all upcoming residential and commercial projects through joint ventures with private developers. This strategic move aims to provide quality construction to residents of Goa while generating revenue for the board to acquire new properties for affordable housing. Advertisement
Under this model, the GHB will design residential and commercial properties, and private developers will be involved in completing the projects on a sharing basis. The sharing arrangement will be based on the floor area ratio (FAR) between the board and the private developer. Chairman Jit Arolkar stated that this approach would likely result in an additional 20% profit for the board, in addition to profits from projects undertaken by the board itself.
Arolkar highlighted that the GHB's investment would solely be in land, with private developers contributing to construction and project completion. He noted that when he assumed the role of chairman, the board's financial condition was negative, and the quality of construction was poor, leading to a lack of buyers for existing flats and row villas despite repeated auctions.
To address these challenges, the GHB has decided to develop residential and commercial properties through joint ventures. The land would belong to the board, and the board would design and plan residential and commercial complexes, which would then be put up for auction. Private developers would bid for the projects, and the highest bidder would be selected to complete the project on a sharing basis.
Involving private developers is expected to help the board complete projects with quality construction without any issues. The revenue generated from these projects would be utilized to purchase new properties for the board, enabling the GHB to expand its affordable housing initiatives for Goans.
By leveraging private sector expertise and resources, the GHB aims to enhance construction quality, generate revenue, and expand its property portfolio. This initiative is expected to provide better housing solutions for residents of Goa, addressing the growing demand for affordable homes in the state.
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