It’s not just private developers who are peddling bigger flats to Mumbaiites. The Mhada (Maharashtra Housing and Area Development Authority), which constructs affordable housing, has decided to up the size of all its flats in the city.
While its 300 sq ft flats will become 400 sq ft, those between 300 and 500 sq ft will be 400 to 800 sq ft. Apartments bigger than 500 sq ft will be more than 800 sq ft. The size of flats for the economically weaker sections has been increased from 180 sq ft to 225 sq ft.
“We want to offer buyers spacious flats,” said Amarjit Singh Manhas, Mhada’s Mumbai board chairman, who made the announcement on Tuesday.
The decision will apply to all new flats up for sale from May 2011.
Property experts welcomed the move. “The need for space has increased and people are ready to pay more for bigger houses, especially when they get it at affordable rates,” said Akshay Kulkarni, executive director, Cushman and Wakefield, a real estate consultancy firm.
The housing body on Tuesday also decided to increase the limit of income across its various categories.
As per the new rules, the High Income Group (HIG) is for people drawing a minimum salary of Rs 40,000 a month, double its earlier limit of Rs 20,000.
The Middle Income Group (MIG) bracket is now between Rs 20,000 and Rs 40,000, from Rs 12,000 to Rs 20,000. This means more people will now fall in the MIG and will be eligible for cheaper flats.