the association known for affordable homes for Mumbaikars seems to be going in the opposite direction.
Known for its affordable homes for Mumbaikars, the Maharashtra Housing and Area Development Authority seems to be going in the opposite direction.
It has decided to offer IAS and IPS officers 860 sq ft flats in the higher income group (HIG), worth Rs1.3 crore in the market, for Rs25 lakh, while for others, 830 sq ft houses in the middle income group (MIG) will cost Rs44 lakh.
The administrative approval report of the project, coming up on a plot near Kalina university in Santa Cruz, showed the saleable cost of MIG flats as Rs5,297 per sq ft and that of HIG houses as Rs2,888 per sq ft. Mhada VP and CEO Satish Gavai, however, has expressed shock at the report.
He said that Mhada Act does not allow any concession to any category and the pricing policy in this matter is fixed in the course of law. "I have already instructed officials that the price shall not be lower than the rates which are applicable by law," Gavai said.
The 9,242 sqmt plot, which was to be allotted to the Pakistan foreign consulate, was given to the Maitri housing society registered by IAS and IPS officers and officers from the state revenue department after the 26/11 terror attacks under the provisions of Regulation 13(2) of Mhada Act.
Mhada had finalised two projects on the plot -- a 12-storey building with 76 flats for IAS and IPS officers, and 150 tenements, each admeasuring 830 sqft (MIG), in the society's adjacent plot. Initially, it sanctioned a proposal to allot the land to the society members. However, later, it said it would construct the flats for the members.
Mhada has been providing affordable homes to those in the EWS and LIG categories for the last 60 years. As per the Mhada Act, the Authority is not supposed to make the projects meant for the EWS and LIG categories on a 'no profit no loss' basis, while the profit margin fixed for MIG and HIG projects is 15% and 25% respectively.
It's a clear violation of this rule here as HIG flats are being constructed on a 'no profit no loss' basis, while more than 20% profit will be derived from the MIG project.
The project's administrative approval report says that Mhada will spend Rs44.34 crore in the MIG project and it will earn Rs101.66 crore, while in the HIG project it will spend Rs23.01 crore and get Rs28.76 crore.
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