MHADA Lottery Got Poor Response Only 60,000 Application For 9,018 Flats

The figure is far less as compared to the 1.30 lakh applications received from 4,275 houses in the same region in 2016.

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MHADA Lottery Got Poor Response Only 60,000 Application For 9,018 Flats

The Maharashtra Housing and Area Development Authority (MHADA) housing lottery for the homes on the outskirts of Mumbai got a poor response, as it garnered only around 55,000-60,000 applications for the 9,018 houses it had put on the block.

The figure is far less as compared to the 1.30 lakh applications received from 4,275 houses in the same region in 2016.

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Housing experts blame MHADA for the situation. They claimed that high costs are being levied on houses, due to which the numbers of applicants have fallen.

MHADA is now behaving more like a builder while pricing its properties, noted housing activist, said. Even the quality of MAHAD houses are not up to the mark, he added.

The current lottery includes 3,789 houses in Bolinj in Virar, 55 houses in Mira Road and 128 apartments at Balkum in Thane. A 195 square feet house at Balkum in Thane begins from Rs 6.18 lakh. The houses in Bolinj, Virar are around 676 square feet and cost Rs 42 lakh. Other places where the houses are available, include Ambernath, Ratnagiri and Sindhudurg.

Read Also: Unsold Housing Stock In Mumbai & Metropolitan Region Risen By 2%

The chief executive officer (CEO) of Liases Foras Real Estate Rating & Research Pvt Ltd, blames the government for the situation. The government levies exorbitant premiums and taxes even for such mass housing schemes and this only drives up the price. The ultimate lose is of the homebuyer, as he is burdened with so many different costs, he said.

MHADA houses are popular among homebuyers. In the last 10 draws, more than 16 lakh applicants applied for 24,851 houses put up for sale. In recent times, however, MHADA’s hike in prices resulted in the dip in the number of applications.

Read Also: MahaRERA Violation: CIDCO Advertises Lottery 2018 Without RERA Registration

Source Link- https://www.hindustantimes.com/

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