Mhada's HIG homes will get sold if up to mark: Experts
Last year homebuyers returned 29 flats under HIG category.
Mumbai: The Rs 5 crore flats offered by Maharashtra Housing and Area Development Authority (Mhada) in the 2018 lottery should be of good quality else their getting sold is doubtful, according to housing sector experts.
Two flats costing Rs 5.80 crore in Dhavalgiri building, Cumballa Hill, south Mumbai, have been included in the high-income group (HIG) category. While the 21-storey building is equipped with basic amenities, the high cost is because it is located at Grant Road near August Kranti Maidan, revealed local brokers. These flats have been handed over to the housing authority by a private builder as excess developed area. In the past, houses costing more than Rs 1 crore have been returned by homebuyers due to lack of quality. In the 2017 lottery, homebuyers returned 29 flats under the HIG category.
“The average property cost in Dhavalgiri building is Rs 7 to Rs 8 crore for a 3BHK apartment. If it has been brought down to Rs 5 crore, it is really affordable considering the location,” said Ali Ansari, a local real estate broker.
This year, Mhada has altered its pricing policy for homes received as premium from private developers. As per the changed policy, 30 per cent price has been dropped for homes under the HIG category. “The price is indeed attractive and affordable, but Mhada is infamous for the quality of construction. Thus, if the quality of flats is not up to the mark, the sale of these flats will be difficult,” said Shirish Deshpande, chairman, Mumbai Grahak Panchayat.
This year’s Mhada lottery has a total 1,384 homes, of which, two flats have been priced at Rs 5 crore. Such a price range is a first in the history of Mhada.
“The Mhada has received the flats from the developer free-of-cost. The price range is affordable considering the area,” said Chandrashekhar Prabhu, a housing expert.
“The flats are ready to move into and they have been handed over by the Mhada’s repair board. The flats are under Mhada as an excess property received by the developer after the redevelopment of cessed building,” said a senior Mhada official.