Cheers! MHADA homes now cheaper by 25-30%

Body took stand af­ter many buy­ers re­turned homes in the last MHADA lot­tery

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE - Varun Singh varun.singh@dnain­

Prices of homes in the forth­com­ing lot­tery of MHADA will see an av­er­age drop of 25 to 30 per cent, and in some cases the homes will be priced be­tween 30 to 70 per cent less than the ready reck­oner rate. The de­ci­sion comes in af­ter, MHADA saw a lot of peo­ple re­turn­ing their homes in the pre­vi­ous lot­tery.

“The homes that MHADA sold last year in Lower Parel for Rs 1.40 crore, will be sold at Rs 99 lakh this year,” said Uday Sa­mant, Pres­i­dent, MHADA. MHADA in its pre­vi­ous lot­tery had re­ceived a lot of flak for sell­ing homes priced way above Rs 1 crore. In Novem­ber 2017, MHADA had put 36 homes in Lower Parel area on sale, while two flats were sold at Rs 1.96 crore each, the re­main­ing 34 were sold at Rs 1.42 crore each. How­ever, of the 36 lot­tery win­ners, 29 will­ingly gave away their claim on the flats.

MHADA has now de­cided to re­duce the prices of homes that it gets from de­vel­op­ers un­der var­i­ous schemes. Also, homes that MHADA will be con­struct­ing will have rates slashed by 25 to 30 per cent. MHADA has now de­cided to sell homes it gets from de­vel­op­ers at 70, 60, 50 and 30 per cent of ready reck­oner rates for High In­come Group, Mid­dle In­come Group, Lower In­come Group, and the Eco­nom­i­cally Weaker Sec­tion re­spec­tively.

Un­der hous­ing stock pol­icy, MHADA gets a cer­tain num­ber of homes from de­vel­op­ers when it gives them per­mis­sion un­der the devel­op­ment con­trol rule 33 (5). These homes are put up in MHADA lot­tery for the com­mon man. This year, of the to­tal 1,194 homes that MHADA has as­sured to bring to the city board’s lot­tery to be held af­ter Di­wali, there are close to 146 homes which MHADA got from de­vel­op­ers.

“For Mhada-con­structed homes, we ear­lier didn’t cal­cu­late de­pre­ci­a­tion value. From now on, we will keep in mind the year of con­struc­tion of a house and go about its price ac­cord­ingly. Go­ing by this and other steps, prices of MHADA homes will be re­duced by 25 to 30 per cent,” said Sa­mant.

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