Mhada to offer flats in Bandra for Rs 25 lakh
A 2 BHK flat at Bandra near the swanky Bandra-Kurla Complex for just Rs 25 lakh is a dream that the Maharashtra Housing Authority and Development Authority (Mhada) hopes to make true for Mumbaiites soon. The housing authority is in the process of acquiring a few flats in a complex at MIG Colony.mumbai Updated: Dec 31, 2010 01:50 IST
A 2 BHK flat at Bandra near the swanky Bandra-Kurla Complex for just Rs 25 lakh is a dream that the Maharashtra Housing Authority and Development Authority (Mhada) hopes to make true for Mumbaiites soon. The housing authority is in the process of acquiring a few flats in a complex at MIG Colony.
For the first time, Mhada, on Friday, cleared a redevelopment proposal of nine buildings at MIG where it has insisted on getting flats from the builder.
“We will get approximately 80 flats in this complex, which we will sell through a lottery at low prices,” said Amarjit Singh Manhas, chairman, Mhada (Mumbai Board).
Here, Mhada will sell flats at the rate of Rs 4,100- Rs 4,500 per square foot where the existing market price ranges from Rs 15,000- Rs 18,000 per square foot. These houses are in the range of 600-800 square feet and will be made available for those from the middle-income group (MIG) category.
“Our aim is to provide low-cost homes to citizens who cannot even think of buying from private builders,” Manhas added. Mhada has 56 such colonies spread across the city and any development here requires the housing body’s nod. Builders were given a choice to either offer houses or charge premium amounts. They choose the latter as it translates into a lucrative deal for builders.
However, faced with a shortage of land, Mhada, in September, in order to boost its housing stock, decided to insist on houses instead of charging a premium amount from builders. In the coming months, another 156 such proposals from across the city are expected to be tabled before the board, which is expected to provide a substantial number of readymade low-cost houses for citizens.
Citizens have welcomed this decision. “In the current market, buying a flat is the privilege of the ultra-rich and Mhada is the only hope for us,” said Sayed Haris, an interior decorator from Byculla.
First Published: Dec 31, 2010 01:49 IST