MHADA goes posh with ₹7.58 cr home up for sale
Luxe properties in various categories are available in Tardeo, Juhu and Dadar Luxe properties in various categories are available in Tardeo, Juhu and Dadar
Mumbai The luxury housing segment in the city witnessed a boom after the union budget placed a ceiling of ₹10 crore on capital gains, which led to the wealthy parking their money in uber luxe real estate – exhibited in projects such as Three Sixty West in Worli and Lodha Malabar in Malabar Hill. These projects witnessed brisk sales between February and March this year.
This seems to have rubbed off on Maharashtra Housing and Area Development Authority (MHADA), which was until now associated with poor quality housing. On Monday, MHADA’s lottery revealed lavish flats in swanky projects by private developers, ranging at a conservative ₹2.39 crore and ₹7.58 crore in posh Tardeo, Juhu and Dadar, compared to existing market rates. There are a significant number of properties up for grabs in these neighbourhoods, from a total number of 4083 flats across the city and suburbs. (See box.)
The most expensive property in its inventory measures 1531-sqft in carpet area, in Crescent Tower, Tardeo. It is priced at ₹7,57,94,268. The 3BHK flat on the 19th floor of the building has an exclusive servants’ quarter, which can be accessed privately. The apartment, which is classified under high income group (HIG), overlooks the Mahalaxmi Race Course and also offers a sea-view on the side.
“The price of the Tardeo flat is remarkably lower than market rates. This is applicable to other houses as well. MHADA has included the houses which was received from private builders according to the housing stock for extra FSI policy by the state government,” said Vaishali Gadpale, Chief Public Relation Officer, MHADA.
Out of total number of houses, 2,790 are for the Economically Weaker Section (EWS), 1,034 for Lower Income Group (LIG), 139 houses for Middle Income Group (MIG) and 120 for Higher Income Group (HIG).
“The MP Mill Compound Tardeo commands an average price of 70,000 pr sq ft for 1500 sq ft homes, and the price MHADA is offering works out to ₹50,000 sq ft Similarly, in Juhu, the market rate is around 60,000 sq ft, while Mhada has offered the 1200 sq ft apartment at ₹40,000 sq ft. So in both locations, there is a close to 30% per cent discount in rates,” said Ritesh Mehta, senior director and Head, West and North India, Residential Services, at real estate advisory JLL.
Reacting to MHADA’s pricing, Pankaj Kapoor, Managing Director, Liases Foras, an independent non-broking real estate analytics firm, said, “MHADA is known for affordable housing, and these prices are more location driven than a MHADA price. Juhu and Tardeo are high-end locations, although the houses are available at 25 to 30 per cent lower than average market rates.”
Private luxury operators are not threatened by the government body entering the luxury segment, as Rajan Bandelkar, National President, National Real Estate Development Council, an apex body of developers that works under Ministry of Housing and Urban Affairs (MoHUA), said: “MHADA is equally a housing development authority and a developer. If they have a plot in South Mumbai, and are selling their inventory priced closer to market rates, it is a welcome move. When Air India was a government-run national carrier and a dominant force in the aviation market, private airlines did come in and survived in the market, perhaps better than the national carrier.”
About 12 years ago, the state government had mandated for builders to give housing stock to government for availing extra FSI instead of premium paid for it. Though the policy of housing stock for extra FSI was subsequently cancelled by the state government, the flats handed over by the builders are being distributed now through MHADA lottery.
The registration process will be open till 6 pm on June 26.