Thursday, Apr 25, 2024 | Last Update : 04:34 PM IST
Mhada flat prices are ‘unaffordable’
Public fume after flats in Lower Parel range from Rs 1.42 crore to Rs 1.95 crore.
Mumbai: A majority of the aspiring homebuyers who were anticipating for the annual Maharashtra Housing and Regional Development Authority (Mhada) lottery are unhappy with the exorbitant prices of the Mhada flats. An affordable Mhada flat under the high income group (HIG) category measuring 364 square feet (carpet area) at Lower Parel costs Rs 1.42 crore.
Other 476-square feet HIG flats at Lower Parel are priced at Rs 1.95 crore. Housing experts said that some private builders were selling houses at a lower rate than Mhada in Lower Parel area with better amenities.
“This year the Mhada flat pricing is ridiculous. In Lower Parel they are charging Rs 41,000 per sq ft. If a price of a house is equivalent to five-year annual income of the person, then it can be termed as affordable. Only then he can pay loan instalments,” said Chandrashekhar Parbhu, a housing expert.
These apartments are for HIG whose monthly family income is more than Rs 75,000. “The pricing is very high. The authorities want to maximise their revenue or returns,” said Sunil Mantri, a housing expert.
However, Mhada officials maintain that the pricing is reasonable keeping in mind the location of the apartment. “Around 36 flats from the Lower Parel area have crossed the price of more than Rs 1 crore. Out of the 36, only two flats cost Rs 1.95 core. These apartments are for HIG,” said Hemant Patil, public relation officer of Mhada.
Apart from the 36 apartments in Lower Parel, rates of the 168 flats at Tunga in Powai are also in the range of Rs 1 crore. “In all the four categories, the prices have been charged as per the location and is 30-40 per cent less than the market rate,” said Subhash Lakhe, chief officer of Mhada’s Mumbai Board.
Social activists allege that lack of public representative in the Mumbai Board of Mhada has led to such exorbitant pricing. “Before the BJP government, the politicians would take part in deciding the prices, but now there are no politicians who can share their view for the public,” said Anil Galgali, an activist.
