MHADA Flats Touch Rs. 1 Crore
For the first time in its history, the cost of the houses which will be put for lottery by the Maharashtra Housing and Area Development Authority (MHADA) for the year 2014 will touch Rs. 1 crore.
MHADA’s increased pricing
MHADA is planning to construct about 250 flats for the high income group (HIG) in its Tunga Village complex in Powai. These houses are valued at a price of Rs. 1 crore. The current slab for HIG is a person with a monthly income of Rs. 40,000 and above. The houses are built in the same complex where MHADA had earlier sold houses for cheaper prices. During May, it had sold about 480 houses for Rs. 75 lakhs each for the HIG and about 250 houses for about Rs. 49 lakhs each for the middle income group (MIG).
MHADA officials stated the reason for increased prices were the costs involved. They said that the authority had to build a Municipal Training Institute and hand it over to the BMC. It also had to cut few rocks in few places. The overall cost was reflected in the prices of the houses.
Area of flats
The housing board said that though the 250 flats that will be put up for lottery looked costlier than the flats sold during this year’s lottery, the houses will have a larger area. While the area of the 480 HIG flats sold this year was about 475 sq.ft, the 250 under-construction houses will have an area of about 740 sq.ft. Hence, even though the ticket size of the houses will be higher, the cost per sq.ft will be lesser i.e. Rs. 13,500 per sq.ft compared to Rs. 15,750 per sq.ft of this year’s HIG flats.
The 250 flats will be built in three buildings, one of whose construction is yet to start. MHADA is considering options in which these flats can be utilized if public finds them too expensive to buy. It said that it had received requests from the Coast Guard and general administration of the state government to let out the houses for their employees.
Maharashtra Housing and Area Development Authority (MHADA)
MHADA is a housing board created by the Maharashtra state government in 1977 to undertake construction, allotment and maintenance of residential buildings under various housing schemes for different sections of the society. At present, it is responsible for coordinating and controlling activities of seven regional housing boards which include Mumbai and Pune, and two special purpose boards viz. Mumbai Slum Improvement Board and Mumbai Building Repairs and Reconstruction Board.
