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Mhada slashes prices of flats in Virar project

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Earlier, Mhada had taken a lot of flak for high cost of flats in its Virar-Bolinj project
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Nearly 1,800 winners of Virar - Bolinj scheme of the Maharashtra Housing Area Development Authority (Mhada) have a reason to cheer. The housing body has decided to reduce the prices in the project. The decision will see flat buyers in the Lower Income Group (LIG) and Middle Income Group (MIG) saving between Rs2 lakh and Rs3.5 lakh.

Earlier, Mhada had fixed the rates at Rs25,19,909 and Rs50,21,514 for LIG and MIG blocks respectively. As per the new rates, an LIG flat will now cost Rs23 lakh. The MIG apartments too have become cheaper.

Despite being a far-off location, Mhada had initially kept the costs high – Rs5,500 to Rs6,000 per square feet. With private developers quoting similar or even lesser rates, the government agency had taken a lot of flak from various quarters.

In a recently concluded meeting of Mhada's Konkan Board, it was decided to make the flats in the Virar project more affordable. Dr Bhausaheb Dangade, chief officer, Konkan Board, said, "Taking various factors into consideration we have revised the prices in the larger public interest."

The official added that the project is progressing well and will be completed in about one-and-a-half years. "We will despatch letters for payment next month. The revised rate will be mentioned in it."

A lottery winner said, "It's a blessing in disguise. We were were planning to surrender the house to MHADA because of the its high cost. In fact, private projects were reasonably priced. But with the new rates, we will certainly go for the apartment."

Leena Soaz Shishir Shetty, a private developer, said they are going through hard times. "The property market in Virar and surrounding areas is almost stagnant as there are no buyers. The ongoing Mhada project has further dented our business. People are only going for resale flats."

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