Low-cost flats get fewer buyers this time | mumbai | Hindustan Times
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Low-cost flats get fewer buyers this time

mumbai Updated: Feb 01, 2010 00:59 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The low-cost-housing scheme floated by the Maharashtra Housing and Area Development Authority (MHADA) has received fewer responses this time.

This year, MHADA received about a lakh less applications — 3.28 lakh applications for 3,449 flats as compared to last year’s 4.3 lakh applications for 3,863 flats. The reason — there were fewer houses available this time for the middle- and high-income groups — 452 as compared to 2,310 last year. A majority of the houses put on sale — 2,762 — were for people from the Economic Weaker Section whose income is less than Rs 8,000.

Prakkash Nichanii, realty market expert and the proprietor of Anchor Property, attributed the low numbers to less flats for the middle- and high-income groups.

“Both these groups had applied in large numbers last time, which is not the case this time due to less houses,” said Nichanii.

MHADA, however, said it is happy with the outcome.

“We have improved our percentage as compared to last year,” said Amarjeet Singh Manhas, chairman, MHADA (Mumbai Board).

Of the five lakh forms sold this year, 3.28 lakh completed forms were submitted. Last year, of the 7.56 lakh forms sold, 4.3 lakh completed forms were submitted.

MHADA collected Rs 922 crore this time as deposit from the applicants. The draws are likely to be held in April or May.