MHADA’s Grant Road houses will cost ₹5.80 crore each!

In the previous lottery, two houses at Lower Parel, Mumbai were priced at ₹1.95 crore whereas the other 34 houses of the HIG were priced at ₹1.45 crore

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Recently, the Maharashtra Housing and Area Development Authority (MHADA) announced the price of its two flats at Grant Road and it will cost ₹5.80 crore each. MHADA’s High Income Group (HIG) houses are really expensive as the housing board is said to be selling the houses at rates as costly as one to two crore. However, the house at Grant Road has shattered all the previous records of the costliest house by the housing board.

In the previous lottery, two houses at Lower Parel, Mumbai were priced at ₹1.95 crore whereas the other 34 houses of the HIG were priced at ₹1.45 crore. When the houses were allotted to the winners, the two winners of the Lower Parel flats surrendered their houses whereas 26 out of the 34 house winners surrendered their flats due to overpriced rates.

After which, MHADA realised its irrationality and lowered down the prices of the houses. MHADA houses situated at Lower Parel worth ₹1.95 Cr and ₹1.45 Cr were made available at ₹99 lakh. While as per the new regulations, the rates of the houses have been reduced, still the Mumbai Board’s Grant Road houses signify otherwise as the price has been kept a whopping ₹5.80 crore!

The trouble for the housing scheme is that earlier too, it has failed to attract consumers for the high-priced flats and so, it would be a challenge for MHADA to sell ₹5 crore house. The houses of MHADA are always less costly than the ones sold by builders but still, the houses are said to be costly by the standards of MHADA.

Meanwhile, MHADA Chairman Uday Samant claimed that more than 100 applicants will apply for the house and since the house is really spacious, people will be interested in buying the flat. Samant even stated that the house’s price has been drastically brought down owing to the new MHADA  regulations or else the price of the flat in the market is around ₹8 crore.

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