Mhada runs low on city land, to build 16,000 flats in Thane district
If you cannot afford low-cost houses in Mumbai, you now have a chance to do so near Thane or extended western suburbs such as Mira-Bhayander.
As it is running out of land in Mumbai, the Maharashtra Housing and Area Development Authority (Mhada) is now focusing on Thane district to construct low-cost houses for citizens.
Mhada has now drawn up an ambitious plan to construct 16,000 low-cost homes in Thane district in the next three years, which will be distributed through a computerised lottery system.
“There is lot of demand from buyers for these areas,” said Bhausaheb Dangade, chief officer, Mhada (Konkan board). “Even by conservative estimates, we can offer 16,000 houses in the next three years in the Thane district.”
MHADA is constructing houses in areas such as Kavesar, Manpada, Mira Road and Bhayander.
In the past few years, there has been an exodus of people to far-flung suburbs and areas at the periphery of city limits. The reason – low real estate rates along with easy access to the city through pubic transport. However in the last year, realty rates in these areas have also increased, which has forced many to depend on Mhada for housing options.
“These areas are quite self-sufficient and we prefer Mhada houses as they suit our budget,” said Manjiri Joshi, who works in private firm. “Private builders quote exorbitant rates which are prohibitive.”
Real estate experts are also convinced that these flats will attract a healthy number of consumers. “The main advantage of Mhada is that it has a land bank which allows the association to offer houses at low rates, unlike private parties whose incur their highest costs on land,” said Prakkash Nichanii, CEO, Anchor Properties Private Limited. “Even the quality of their construction has improved considerably.”