The action plan prepared for the state government by JM Financial & Investment Consultancy Services said that SSPP will have funds worth Rs 1,600 crore, including Rs 600 crore equity, Rs 500 crore loans from housing finance companies and the balance from deep discount bonds.

Immediate priority will be given for construction of 53,000 units already approved under 216 schemes, development of 25,000 units which were undergoing approval and undertake the balance 1 lakh units. Moreover, 22,000 units under 135 schemes which were underway will also be taken up. These tenements will be constructed on private land, Government ofIndia land and that owned by the state government, Maharashtra Housing and Area Development Authority and Mumbai Municipal Corporation.

Under this project, additional one lakh tenements will be constructed for sale in the open market. It will also lead to generation of 1.6 crore sq ft of floor space index. According to the action plan, cross subsidisation will be achieved by free sale tenements.

JM Financial will act as a financial advisor to SSPP in prioritising projects to optimally use resources and assessing the techno-financial viability of a project. It will also help develop a ranking system for sub-developers based upon existing technical criteria and other conditions such as community development and marketing skills.

JM Financial will also help in optimising fiscal benefits and help achieve financial closure for the projects. JM Financial has suggested prioritising projects to optimise funds and other resources and added that the ratio of commercial and residential development would varydepending upon the location. The ratio of "sharing" FSI between SSPP and sub-developers depends upon the projects.

The action plan says market research will be conducted to guage latent demand for residential and commercial property in specific areas. Pre-marketing campaign targeted at corporate houses and their employees will be conducted and there will be an appropriate mix of commercial and residential development to ensure stability of prices and project returns.

Meanwhile, a joint declaration of intention was signed between SSPPP and various representatives of builders, contractors and developers on Friday in the presence of chief minister Manohar Joshi, Shiv Sena chief Bal Thackeray, housing minister Suresh Jain and minister of state Raj Purohit. Deputy chief minister Gopinath Munde was not present.