Here is some good news for home buyers hassled by the exorbitant real estate rates in the city. The Maharashtra Housing and Area Development Authority (Mhada) will soon start constructing 5,000 low-cost houses at Goregaon.
The houses would be constructed on the 272-acre plot of land at Pahadi area, Goregaon (E), which was recently cleared of encroachments by Mhada.
According to Satish Gawai, vice-president of Mhada, the land was recently acquired by the housing body after a protracted legal battle. “We won the case against the encroachers and have cleared the land,” said Gawai. “We have appointed contractors, who would shortly start constructing the houses.”
The project awarded to Ms BG Shirke and Company would be undertaken in three phases, of which the first would have to be completed within 24 months and the rest within 48 months.
Experts have welcomed the decision and wants MHADA to be proactive. “Mhada should try to clear encroachments on all its plots and start housing projects. This would ensure a healthy stock of affordable houses and give relief to the homebuyers,” said property expert Ajay Chaturvedi.
Given the space crunch in the city, Mhada has been exploring various means to construct low-cost houses. Options such as cluster redevelopment projects, and revamp of colonies and transit camps are being explored to generate a handsome housing stock.
With the real estate prices reaching unaffordable levels and banks tightening lending norms, many homebuyers have put purchase plans from private builders on the backfoot. Mhada flats, which cost half of that charged by private builders, provide an affordable option.