Cheers! MHADA homes now cheaper by 25-30%
Body took stand after many buyers returned homes in the last MHADA lottery
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.