In good news for prospective homebuyers, the Maharashtra Housing Area Development Authority (Mhada) has decided to conduct another online lottery next year to make 4,500 flats available to low and middle income sections at a time when the real estate market in the city is becoming increasingly unaffordable.
Mhada chairman Amarjit Singh Manhas said, "The size of the flats will be between 250sq ft and 800sq ft, and the buildings will be located in Sion, Powai and Ghatkopar. We are committed to supplying affordable homes to people. In the last four years, we have allotted almost 12,000 homes to the needy at prices well below the prevailing property market rates." He added that the lottery advertisement will be released early next year.
Interestingly, a recent survey by Liases and Foras, a real estate research firm, revealed that 68% of flats made by private developers in the city cost more than Rs1 crore and only 2% of homes come under the affordable bracket which ranges from Rs25 lakh to Rs50 lakh. However, these houses are located in filthy areas or are adjacent to slums.
"Mhada should construct as many affordable homes as it can to control the city's real estate prices. Like private developers, they can also sell under-construction flats. If there is more supply, then surely the property prices will come down soon. More people are now tempted to buy Mhada homes because they are cheaper and situated in convenient locations within Greater Mumbai," said Pankaj Kapoor, managing director of Liases and Foras.
No comments:
Post a Comment