Panaji, Goa – The Goa Housing Board (GHB) is embarking on a strategic new direction, opting for joint ventures with private developers to significantly boost the availability of affordable and quality housing across the state. This collaborative approach aims to generate substantial revenue for the board, enabling the acquisition of new land parcels for future residential and commercial projects.
Why Joint Ventures are Key to Goa’s Housing Future
Jit Arolkar, Chairman of the GHB, highlighted the core reasons behind this pivotal decision. “Our aim is to provide high-quality, affordable housing solutions for Goan residents,” stated Arolkar. “By partnering with private players, we can achieve this goal while simultaneously strengthening the board’s financial standing.”
Under this innovative model, the GHB will retain ownership of the land and be responsible for the design and planning of residential and commercial complexes. Private developers will then bid on these projects, with the highest bidder undertaking the construction on a mutually agreed-upon sharing basis, typically determined by the Floor Area Ratio (FAR).
Boosting Revenue and Enhancing Construction Quality
This joint venture model is projected to yield an additional 20% profit for the GHB, beyond the gains from projects undertaken solely by the board. Arolkar emphasized that the GHB’s primary investment in these partnerships will be the land itself, significantly reducing the board’s financial outlay while maximizing potential returns.
Arolkar candidly shared insights into the board’s past challenges. Upon assuming his role, he found the GHB in a precarious financial state, compounded by subpar construction quality in existing projects. This led to a lack of buyers for available flats and row villas, even after multiple auctions. The new joint venture strategy directly addresses these issues by:
- Improving Construction Standards: Leveraging the expertise and resources of private developers will ensure higher quality construction, attracting more buyers and enhancing customer satisfaction.
- Generating Sustainable Revenue: The sharing model provides a consistent income stream for the GHB, crucial for its long-term financial health and ability to invest in new developments.
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Expanding Affordable Housing Opportunities Across Goa by Goa Housing Board
“The land will remain with the board. We will meticulously design and plan these residential and commercial spaces, and then put them up for auction to private developers,” Arolkar explained. He further added that involving private players ensures project completion without hurdles, with the generated funds directly reinvested into acquiring new properties for the board’s future initiatives.
With the completion of existing properties, the GHB faced a funding gap for acquiring new land to develop for Goans. This joint venture framework provides the much-needed revenue, as the GHB operates as an autonomous body. “This money will be strategically used to purchase new properties throughout Goa for further development,” Arolkar affirmed.
The GHB firmly believes that providing truly affordable housing to Goans is a core mandate, and the joint venture approach is the most effective path to achieve this critical objective. This collaborative strategy marks a new era for the Goa Housing Board, promising a future of accessible and quality homes for the people of Goa.
