BJP MLA surrenders MHADA lottery flat at Tardeo for financial reasons

The High-Income Group (HIG) flat has a carpet area of 1,531 square feet and was the only house reserved for sitting and former MPs, MLAs and MLCs. The only other contender for the flat was Dr Bhagwat Karad, minister of state for finance in the central government

Mumbai: Narayan Kuche, BJP MLA from Badnapur constituency in Jalna district, who bagged MHADA’s most expensive flat in its recent lottery, has surrendered it due to financial reasons. The flat in Crescent Tower, Tardeo, was priced at ₹7,57,94,268.

Mumbai, India - May 23, 2023: A general view of new and vacant MHADA flat in Crescent Tower, at Tardeo, in Mumbai, India, on Tuesday, May 23, 2023. (Photo by Bhushan Koyande/HT Photo) (HT PHOTO)

The High-Income Group (HIG) flat has a carpet area of 1,531 square feet and was the only house reserved for sitting and former MPs, MLAs and MLCs. The only other contender for the flat was Dr Bhagwat Karad, minister of state for finance in the central government.

Kuche decided to give up the flat due to lack of money. “I thought I would get 90 percent of the flat price as a home loan,” he said. “But banks were offering only up to ₹5 crore. I don’t have the money for the down payment so I am surrendering the flat.”

Kuche had applied for the HIG flat in two categories—the MLAs and MPs category as well as the Scheduled Caste one. Dr Karad, who is on the waiting list, can now buy the flat. If he too refuses, it will be transferred to a person in the general waiting list. Dr Karad did not respond to calls and messages from HT.

Of the 4,082 houses in various parts of Mumbai, 2,790 houses were meant for the economically weaker section (EWS), which included 1,947 flats under the Pradhan Mantri Gramin Awas Yojana. While the number of flats for the lower income group (LIG) stood at 1,034, as many as 139 houses were reserved for the middle-income group (MIG) and 120 were in the HIG category.

Crescent Tower, Tardeo

Number of flats: 7

Carpet area of the most expensive flat: 1531 sq ft

Price: ₹7,57,94,268

Carpet area of the remaining 6 flats: Between 1,520 sq ft and 1531 sq ft

Price range: Between ₹7,52,61,631 and ₹7,57,94,268

MHADA has seven flats in the private building as per the old scheme of housing stock against extra FSI to the builder. According to real estate experts, the price of the MHADA flats at Tardeo are 25 percent to 30 percent lower than the market price.