Reduction in home prices has made home buyers happy. In the last MHADA lottery, only in Lower Parel, 29 home buyers of the total 36 homes had returned their claims. Most of them had cited high prices as the reason behind their decision. Seeing this, MHADA decided to lower the prices of homes that it will be putting in the lottery scheduled to be held after Diwali.
The reduction in prices of homes that MHADA constructs will be 25 to 30 per cent and the reduction in prices that MHADA gets from developers under various schemes will be linked to the ready reckoner rates.
Vinod Singh, a resident of Worli, and an advocate by profession, when heard that MHADA is reducing the prices, said, "Most homes that MHADA had in the previous lottery were unaffordable for me, however, if the rates are reduced by this margin it surely means that people like me will be able to get them and will have a fair chance in the future lotteries," he said.
Meanwhile, MHADA is planning to relax one of the clauses that will ease the trouble of the existing residents of MHADA homes. Uday Samant, MHADA president announced that, currently an allottee of MHADA home has to seek an NOC to sell his house after the lock-in period of five years. However, that rule will be relaxed now and instead, the allottee who is planning to sell the home he won in MHADA after a period of five years does not have to seek an NOC from MHADA.
D Tandur, whose wife had won a house in Lower Parel's lottery last year and later returned the house, says, "When we went for the house, we had gone with the idea of having the house, but then because of some emergency we had to let go of the flat, we were sure, when we get the house the prices will double in near future but then we gave it up, meanwhile, if the rates are reduced it is good and I understand but still because of my condition I decided to back out."
Meanwhile, housing experts say that this is not the first time that MHADA has decided to lower the prices of home, earlier too, in 1999 some thing on this line was done by MHADA. Dr Sanjay Chaturvedi says, "The reduction in prices is a welcome move, even in 1999 for Oshiwara and Powai they had reduced the prices. More people will come forward for MHADA lottery, because reduction in prices does attract home buyers and MHADA rates anyway are less than the market rates."
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