From Rs 40,000 to Rs 3 lakh: CIDCO ups its prices

Sep 05, 2013, 00:51 IST | Richa Pinto

In an attempt to lure buyers who are genuinely interested in buying homes under their schemes, the housing authority officials increased their earnest money deposit for 193 apartments

In an attempt to ensure a positive response from quality buyers, officials from the City and Industrial Development Corporation of Maharashtra (CIDCO) have substantially increased the Earnest Money Deposit (EMD) from prospective buyers for their flats under the Celebration Housing Scheme located at Sector 16-17 in Kharghar.

Home, sweet home: Under the Celebration Housing Scheme, CIDCO officials are planning to sell 193 apartments at Sector 16-17 in Kharghar. pic/Suresh KK

Earlier, the EMD for 1BHK apartments was Rs 40,000. However, as of today, the amount has shot up to Rs 3 lakh. Similarly, the EMD for 2 BHK apartments has risen from Rs 75,000 to Rs 5 lakh.

Sources at CIDCO say that the reason for the increase in prices was in order to attract quality buyers who are genuinely interested in purchasing homes.

“Most CIDCO housing schemes receive a very good response as rates are comparatively lesser than the market rates. We see a lot of people applying for homes. But, later they are unable to pay the complete amount. Hence, we decided to increase the EMD amount,” said a CIDCO official.

Among the 193 flats which are on sale, 78 apartments are for buyers belonging to the general category whereas the remaining are reserved for people from the scheduled castes, scheduled tribes, state government employees and project affected persons (PAP) as well.

No sales online
The sale of the apartments will not be carried out online. "The number of flats which are being brought out are far too less and therefore, we are not going online with the sale procedures," said the official who confirmed that the procedure for sale of the mass housing scheme in Sector 36, Kharghar would be done completely online.

78 The number of apartments reserved for the general category  

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