Mhada insists on flats from builders in place of money | mumbai | Hindustan Times
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Mhada insists on flats from builders in place of money

mumbai Updated: Oct 30, 2011 01:01 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
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There is still some hope for those looking for houses in the city at affordable rates.

With a land bank of hardly three acres in its kitty, the Maharashtra Housing and Area Development Authority (MHADA) is exploring various means to generate a housing stock in the city.

A major chunk of flats — 2367 of the total 4596 — will be put on the block next year at Siddharth Nagar, Goregaon as a part of a joint venture (JV) signed by Mhada with a private builder.

In large Mhada plots, a tripartite agreement is signed where the builder constructs bigger houses for the residents, gives a part of constructed houses as share to Mhada and gets the rest to sell in open market.

“We are exploring various means and considering the shortage of land, we plan to exploit our colonies,” said Amarjit Manhas, chairman, MHADA (Mumbai Board). Two more JV schemes are underway at Aram Nagar (Versova) and PMGP Colony (Mulund).

Also, Mhada is insisting on provision of flats over payment of premium as compensation by builders. “More than the money, Mhada needs houses,” said Virendra Upadhyaya, board member, Mhada (Mumbai board).