The Maharashtra Housing and Area Development Authority (MHADA) has unveiled a new policy to tackle the issue of 11,184 unsold units across its regional boards. The strategy involves bulk sales and renting out vacant apartments to various organisations.
Sanjeev Jaiswal, the CEO of MHADA, created a research group that confirmed the creation of a policy for the sale of old, vacant tenements. Following the report, MHADA's regional boards were directed to expedite the sale of these tenements.
The funds generated from this initiative will boost MHADA's various housing projects. The divisional boards have been asked to propose relaxations in certain requirements related to the direct sale of apartments, as per the policy guidelines set by the authority.
The policy offers a discount on the flat price for bulk purchases of 100 or more flats by individuals, organisations, government, semi-government, and MHADA personnel.
It also allows for the hiring of an organisation through a tender or expression of interest for rent purchase and sale by installments. The hired agency will be responsible for providing appropriate bank guarantees and paying any dues to MHADA.
The other option in the policy is to rent out apartments to private businesses, banks, charitable organisations, hospitals, schools, government-semi-government institutions, and contractor workers involved in major government projects.
The policy guidelines for this option state that tenements should not be rented out individually. The lease terms for tenants must be maintained for a period of three years, with the option to renew for another three.
Unoccupied tenements may be sold by auction after evaluation by the government town planner. The same procedure will be used for the sale of MHADA-unsold plots.
The regional boards can choose experienced marketing and real estate agencies through tenders, expressions of interest, or direct proposals. The assigned organisation must carry out appropriate branding, marketing, and advertising to sell the maximum number of apartments in the shortest time.
The policy also allows for the sale of tenements by neighbouring developers who offer to sell the authority's apartments along with their project. The maintenance of these abandoned tenements, including taxes, water and energy bills, and upkeep, is costing the authority crores of rupees.
Share
Tweet
