MHADA cuts cost in all 4 categories

The Maharashtra Housing and Area Development Authority (MHADA) has announced a reduction in the cost of all house categories Higher Income Group (HIG), Middle Income Group (MIG), Lower Income Group (LIG) and Economically Weaker Section (EWS). The cost of these stock houses will be reduced by 25 to 30 per cent, providing a major relief to home buyers.

In a press conference held on Friday, newly-appointed MHADA president and Shiv Sena Legislator Uday Samant said it is a Diwali bonanza. “The decision will help home buyers and pave the way for unsold stock houses. For instance, houses which used to be sold at a price of Rs 1.40 crore under the HIG category, at Lower Parel, will be made available at Rs 99 lakh according to the new decision. The buyer will pay 70 per cent of the ready reckoner rate on HIG houses,” he said.

Among other important decisions, home buyers will receive a sale deed, instead of an allotment letter. The existing condition – that the consumer will not be able to sell their flats for five years has been retained. Samant said, “We have made a policy decision to bring down rates of housing stock received as premium houses from the developers.

These will be charged as per the ready reckoner (RR) rate of that area. For example: 70 per cent of RR rate will be charged on a HIG category house. Similarly, 60 per cent of RR rate will be charged on MIG houses, 50 per cent of RR rate on LIG houses and 30 per cent of RR rate on EWS houses. On an average, premium MHADA houses will now cost 25 to 30 per cent cheaper.”

Furthermore, the Mumbai MHADA lottery will be held before Diwali for 1,194 houses. The houses are located in areas which include Borivali, Goregaon, Pratiksha Nagar in Sion, Tunga Powai, Mankhurd and other areas of the city. “The final dates for application will be disclosed in the next 10 to eight days and a meeting has been scheduled for the same. Also, henceforth the lottery for MHADA houses and premium houses will be held separately,” added Samant.

In this lottery, 500 houses will be reserved for EWS as against last year when only eight houses were set aside for people of this category. The 2018 lottery will offer approximately 300 homes for the LIG category. The authority is also planning to provide affordable houses to their own employees.

The MHADA employees Diwali bonus was also declared on Friday under which staffers will get Rs 17,000.