MHADA plans up to 10% discount on Mumbai flats, prepares for sales after Diwali
There is relief for people planning to buy government housing in Mumbai. The Maharashtra Housing and Area Development Authority (MHADA) is preparing to reduce prices of hundreds of its unsold flats by up to 10 percent. After failing to find buyers for these homes despite several lottery and sales attempts, the authority has prepared a proposal to revise prices. If approved, these flats may be offered for sale again after Diwali under the First Come First Served (FCFS) scheme.
About 400 flats still vacant: MHADA has about 400 unsold flats in different areas of Mumbai. These include properties in Kannamwar Nagar, Tardeo and other prominent areas of the city. A flat of more than 1,500 square feet in Crescent Tower at Tardeo in South Mumbai is also awaiting buyers. Its price was fixed at Rs 7.58 crore, but it did not find a buyer even after a fresh sales attempt.
Prices were reduced earlier too: Earlier in April, prices of 480 flats in Kannamwar Nagar were reduced by 7.5 percent. After this, their prices came down from Rs 1.46 crore to Rs 1.48 crore to Rs 1.35 crore to Rs 1.37 crore. Despite offering free parking, the response from buyers was not encouraging.
Sale through FCFS scheme after Diwali: According to MHADA’s plan, the price reduction will not be applied uniformly to all flats. The discount will be decided by taking into account the price of each property and the ready reckoner rates of the respective area. After the proposal is approved, the Mumbai Housing Board may make these homes available on a first come, first served basis. This will give interested buyers an opportunity to directly choose a flat without taking part in a lottery.
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