MHADA to revise prices of its houses for all income groups

This year, several people turned down their flats owing to high prices. In response, the Maharashtra Housing and Area Development Authority (MHADA) will be revaluing all the flats of High Income Group (HIG), Medium Income Group (MIG), Lower Income Group (LIG) and Economically Weaker Sections (EWS).

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The objective behind Maharashtra Housing and Area Development Authority (MHADA)'s scheme is to solely provide affordable housing in the city of Mumbai. However, for the past few years, the prices of the residences offered by MHADA have been steadily increasing, which has unfortunately led to a 'no price difference' between houses offered by private builders and by MHADA. Several lottery winners have surrendered their flats to the housing authority, owing to the same. 

In response, MHADA has decided to revalue the allotted flats and slash down the prices. Confirming the same, MHADA vice-president Milind Mhaiskar said, "All the flats of High Income Group (HIG), Medium Income Group (MIG), Lower Income Group (LIG) and Economically Weaker Sections (EWS) will be revalued accordingly."

This year, MHADA has received a cold response with regards to the lottery application of ts Konkan Board houses. where out of the 9,018 flats, 1,738 houses have not received any applications, due to excessive pricing. Over the years, the cost of these residential properties has soared to as a high as ₹2 crore and owing to this concern, 80 per cent of lottery winners allotted houses in Powai, Virar, and Lower Parel have surrendered their properties.

Also Read: MHADA To Release Lottery For 1000 Houses In November

The new pricing division as per the income category will be declared soon by the housing board. In addition to this, the prices of the houses for the UIG will also be reduced. This will allow applicants from another income category with their dream home. Mhaiskar stated that the prices of the houses will be kept as low as possible.

To decide the same, a committee will be appointed and authorities will also be seeking help from the experienced former officials who have adequate knowledge about the prices and the scheme. As per reports, D.R. Haddare who is a former MHADA official and is currently serving at a senior position at MahaRERA will be approached.

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