Ama Odisha News

Confederation of Real Estate Developers Association of  India(Credai)-Orissa is on its way to propose a plan to Bhubaneswar Development Authority (BDA) for establishing the slum regions in a planned and lucrative way around the outskirts of Bhubaneswar, Orissa.

The realestate company Credai-Orissa has simulated the plan from the development model of Mumbai slum , which was a huge success there.“The model adopted for development of slums in Mumbai has been very successful and we are going to make a proposal to the BDA soon for adopting the same model for development of slums in and around Bhubaneswar”, an official of the real estate company Credai-Orissa told Business Standard.As per the plan, 25 percent of the area will be devoted for providing accomodation to the slum dwellers and the rest land will be utilized for commercial proposals.

Apart from this, the company has identified low cost housing projects to be developed in Special residential zone(SRZ)  detected by Comprehensive  Detective Plan(CDP), in the same way as made by IIt Kharagpur city area.As these areas are exempted from tax, the cost of these area will be lower comparatively.In the CDP, about 400 acres out of 9,286 acres have been earmarked for the SRZ and Credai-Orissa wants the area to be raised to 2,000 acres so that more people belonging to the economically weaker sections are benefited.

Credai-Orissa has also proposed a reduction in stamp duty for real estate projects from the reduced 5 percent to 1-2 percent, which will help the state government to generate more tax revenues.

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