The Goa Housing Board (GHB) has made the decision to execute all forthcoming residential and commercial projects through a joint venture, aiming to deliver quality construction to the residents of Goa. The GHB will be responsible for designing both residential and commercial properties, with private entities participating to finalize the projects on a shared basis.
Chairman of the GHB, Jit Arolkar, stated that this decision was made to generate revenue for the board and to acquire new properties to offer affordable housing options to the people of Goa. “The sharing will be based on the floor area ratio (FAR) between the board and the private entity,” he explained. Arolkar also noted that through this joint venture, the board is expected to achieve an additional 20% profit, in addition to the profits from projects managed by the board itself. He clarified that in this joint venture, the housing board’s contribution will be limited to land only, according to Arolkar.
He clarified that upon assuming the role of chairman of the board, the financial status was unfavorable. “I observed that the construction quality was substandard, leading to a lack of buyers for the available flats and row villas, even after multiple auctions,” he stated. The chairman indicated that after reviewing all relevant information, the board has resolved to pursue the development of residential and commercial properties via a joint venture. “The land will be owned by the board. We will create designs and plans for residential and commercial complexes and subsequently auction them,” Arolkar mentioned.
Private entities will place bids for the projects, and the highest bidder will be chosen to execute a project on a shared basis. Arolkar emphasized that engaging private entities will enable the board to complete projects with high-quality construction without complications, and the revenue generated from these projects will be used to acquire new properties for the board. We are nearing completion of the current properties. The board lacks the funds to buy new properties for development for the Goan community, Arolkar remarked.
The joint venture will facilitate revenue generation since the board operates as an autonomous entity, and those funds will be allocated to acquire new properties in Goa for development. Arolkar further stated that the provision of affordable housing for Goans can only be achieved through the housing board, which is why the board opted to develop the projects through a joint venture.
