Prices of homes in the forthcoming lottery of MHADA will see an average drop of 25-30 per cent, and in some cases the homes will be priced between 30 to 70 per cent less than the ready reckoner rate. The decision comes in after, in the previous lottery, MHADA saw a lot of people returning their homes.
"The homes that MHADA sold last year in Lower Parel for Rs 1.40 crore, will be sold at Rs 99 lakh this year," said Uday Samant, President, MHADA. MHADA in its previous lottery had received a lot of flak for selling homes priced way above Rs 1 crore. In November 2017, MHADA had put 36 homes in Lower Parel area on sale, while two flats were sold at Rs 1.96 crore each, the remaining 34 were sold at Rs 1.42 crore each. However, of the 36 lottery winners, 29 willingly gave away their claim on the flats.
MHADA has now decided to reduce the prices of homes that it gets from developers under various schemes. Also, homes that MHADA will be constructing will have rates slashed by 25-30 per cent. MHADA has now decided to sell homes it gets from developers at 70, 60, 50 and 30 per cent of ready reckoner rates for High Income Group, Middle Income Group, Lower Income Group, and Economically Weaker Section respectively. This means MHADA will be selling homes at prices much lesser than the ready reckoner rates.
Under housing stock policy, MHADA gets a certain number of homes from developers when it gives them permission under the development control rule 33 (5). These homes MHADA puts up in lottery for the common man, this year of the total 1194 homes that MHADA has assured to bring in the lottery of Mumbai board to be held post Diwali, there are close to 146 homes which MHADA has got from developers.
"For MHADA constructed homes, we earlier didn't calculate the depreciation value of the home, now onward we will be keep in mind the year of the construction of the home, so if a house was constructed three or five years ago the value of the house will be considered keep this in mind. Going by this and other steps the prices of MHADA homes will be reduced by 25 to 30 per cent. This is done because it was brought to my notice that some people had returned their homes int he previous lottery and had cited the reason that the prices were high," said Samant.
In the upcoming lottery, one of the flats that MHADA had earlier proposed to be sold at Rs 1.17 crore in Vikhroli's Tagore Nagar, now will be sold at Rs 82.12 lakh, this flat is in HIG cateogry.
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