Departing from its usual lottery method, MHADA is planning to sell apartments at its Bharat Nagar towers at the current market rates; generated revenue will be used to build affordable homes for the poor
Departing from its usual lottery method, MHADA is planning to sell apartments at its Bharat Nagar towers at the current market rates; generated revenue will be used to build affordable homes for the poor
The Maharashtra Housing and Development Authority (MHADA), which has earned the goodwill of the state's property-hungry denizens develop- ing and selling affordable houses through its regularly held lotteries, is planning to deviate from this custom soon.
The transit camps near Bharat Nagar near BKC where MHADA
will construct towers to sell apartments at regular rates
Those who wish to own flats on the planned MHADA towers at Bharat Nagar near the Bandra Kurla Com-plex (BKC) will have to cough up the current market rates for it, which is more than Rs 1 lakh peru00a0sq ft.
Helping the needy
The housing authority wants to sell these apartments at regular rates in order to use the generated revenue to build affordable accommodations for those in the economically weaker section (EWS) and the lower income groups (LIG), officials said.
MHADA officials have been heard hinting that soon it might not be able to provide affordable houses to Mumbai's aspiring property owners through lottery.
Explaining further they said their shrinking land bank was the cause.
In order to replenish its fast-depleting land bank, MHADA has also knocked on the state government's doors, asking for monetary aide with which to purchase land from the open market.
It has already been allotted a sum of Rs 8.55 crore for this purpose. The two towers will yield 275-300 flats.
At present, the plot houses 30 buildings under the slum rehabilitation authority (SRA), and is home to more than 700 families, who have been rehabilitated to buildings in the central suburbs of Dharavi and Worli.
Officialspeak
MHADA Vice-president Satish Gavai said, "We are planning to construct two high-end towers on a five-acre MHADA plot at Bharat Nagar near BKC.
These plots will be sold in the open market, at the market rates. The revenue that is raked in will be used to construct better quality houses for the EWS and the LIGs."
Asked why the apex body was suddenly deviating from its usual doctrine of building affordable accommodations for citizens, he said, "We want to generate more revenue.
The plot is situated near BKC, which will attract affluent buyers. The revenue will be used as capital to build more homes for the poorer sections of society."
Rs 1 L
The current market rate per sq/ft for plots in the BKC area
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