What is big news today in the Reality space – its MHADA having their annual sale of flats !
Within days of launching the sale Online, they have already received almost four times the number of houses available. There appears to be a mad rush for the houses of which 867 houses are in Mumbai and 1726 homes in Mira Road.
Last day for submission is 24th May 2012.
Why such a rush for “state built houses”?... simple – the rate !!!
The rate of flats in Mumbai of private developers unreachable for the vast majority, runs between 50 lacs – 1.20 crores. In comparison Even the most expensive 700 sq ft plus two bedroom apartments for high income groups costs Rs 55 lakh in Powai and Rs 57 lakh in Borivli, which is far below the market price of such houses. The lowest range of MHADA houses starts from Rs 15 lakh in Kurla and 19 lakh in Malad for 200 sq ft plus apartments meant for the low income groups.
Of the lot in Mumbai, merely 92 are two-bedroom apartments for the high-income category, while 234 and 449 houses are meant for middle and low-income groups respectively.
Last year, 4,034 MHADA houses had over 1.30 lakh applicants vying for it while the year before 3.28 lakh applicants had applied for the 3,449 houses on sale.
However with MHADA’s once abundant land bank of 1,700 hectares shrinking to merely two hectares in Mumbai, the numbers are expected to dwindle further in the coming years.
Another Good news is that the Chief Minister recently announced that the ambitious plans to build “rental tenemants” would now be partially changed to sale flats!
This could bring in a large flow of homes for the lower income group.
The Chief minister has been doing an excellent job of holding a tight rein on the building industry. Making strong and long term decisions. Recently the cluster development scheme was also looked at and given a new orientation.
The BMC also seems to be getting serious about streamlining the permissions policy with talks of a web-based tracker.
After a longtime we are seeing the reality ship that had been overtaken by pirates now once again charting a firm path !!
There is still hope for Mumbai ! And to all the lucky winners of the lottery on May 31st, we wish them all the very best.
Within days of launching the sale Online, they have already received almost four times the number of houses available. There appears to be a mad rush for the houses of which 867 houses are in Mumbai and 1726 homes in Mira Road.
Last day for submission is 24th May 2012.
Why such a rush for “state built houses”?... simple – the rate !!!
The rate of flats in Mumbai of private developers unreachable for the vast majority, runs between 50 lacs – 1.20 crores. In comparison Even the most expensive 700 sq ft plus two bedroom apartments for high income groups costs Rs 55 lakh in Powai and Rs 57 lakh in Borivli, which is far below the market price of such houses. The lowest range of MHADA houses starts from Rs 15 lakh in Kurla and 19 lakh in Malad for 200 sq ft plus apartments meant for the low income groups.
Of the lot in Mumbai, merely 92 are two-bedroom apartments for the high-income category, while 234 and 449 houses are meant for middle and low-income groups respectively.
Last year, 4,034 MHADA houses had over 1.30 lakh applicants vying for it while the year before 3.28 lakh applicants had applied for the 3,449 houses on sale.
However with MHADA’s once abundant land bank of 1,700 hectares shrinking to merely two hectares in Mumbai, the numbers are expected to dwindle further in the coming years.
Another Good news is that the Chief Minister recently announced that the ambitious plans to build “rental tenemants” would now be partially changed to sale flats!
This could bring in a large flow of homes for the lower income group.
The Chief minister has been doing an excellent job of holding a tight rein on the building industry. Making strong and long term decisions. Recently the cluster development scheme was also looked at and given a new orientation.
The BMC also seems to be getting serious about streamlining the permissions policy with talks of a web-based tracker.
After a longtime we are seeing the reality ship that had been overtaken by pirates now once again charting a firm path !!
There is still hope for Mumbai ! And to all the lucky winners of the lottery on May 31st, we wish them all the very best.