Mhada plans 10K affordable homes across Mumbai
The Maharashtra Housing and Area Development Authority (Mhada) has come up with a plan that will generate 8,000 to 10,000 more affordable houses in the city.mumbai Updated: Jul 16, 2012 11:15 IST
The Maharashtra Housing and Area Development Authority (Mhada) has come up with a plan that will generate 8,000 to 10,000 more affordable houses in the city.
With barely five acres of land left in its kitty, Mhada has decided to use the land on which it has transit camps to construct low-cost houses, which will then be sold through its lottery system.
“We have started demolishing these structures. We feel that 8,000 to 10,000 houses can be constructed here,” said Sachin Ahir, state minister for housing.
Mhada currently has 56 transit colonies spread across areas such as Ghatkopar, Malad, Goregaon, Sewri, Sion and Antop Hill, which are occupied by 18,867 residents. These transit camps were constructed to accommodate those whose buildings were pulled down because they were dilapidated or had collapsed. However, over the years, the number of people not entitled to such accommodation living in these camps outnumbered those originally allotted these flats.
Real estate experts welcome the move. “Currently, buyers can’t afford what’s offered by private builders. The Mhada is their only hope,” said Prakkash Nichanii, CEO, Anchor Property Consultants. “There are chances that private builders may be forced to cut prices if Mhada offers a huge stock.”
With property prices skyrocketing and banks tightening lending norms, the Mhada’s annual lottery has been attracting lakhs of applications, as its flats are sold at half the rate charged by private builders.