MMRDA Announced 5 Lakh Low Cost Houses under Affordable Housing
MMRDA announced 5 Lakh low cost houses. Mumbai Metropolitan Region Development Authority (MMRDA) has announced building of five lakh low-cost houses and brings a ray of hope for those dreaming for their own house in the fairyland.
Due to limited availability and rising demand the residential rentals in Mumbai have been rising for the past several years. Most of tenants wished if they could buy a house and replace the monthly rentals with loan installments. however, because of the price range of Mumbai properties this wish was hardly fulfilled.
Few months back, a 2BHK apartment units in Cuffe Parade (South Mumbai) were being leased out for Rs 45,000 to Rs 80,000 per month. And today the cost has increased to Rs 1.25 Lakh a month.
Rental rates are rising in other areas as well. In Bandra 2 BHK apartment now costs Rs 90,000 per month, few months back the same property was valued for Rs 25,000- Rs 40,000 a month. Rentals in Vashi, a middle class locality in Navi Mumbai has also gone up to Rs 20,000 per month as compared to Rs 12,000 per month, two years back for a 2 BHK apartment flat. Even semi furnished apartments on the much desired Palm beach road are available for as much as Rs 18,000 per month.
There is a lot of demand but the skyrocketing property prices are interrupting the buyers from having a home in Mumbai. Though the prices are increasing day by day, not many transactions are taking place.
With all this Government has announced to build Five Lakh Affordable Housing units the Low Cost Houses in the city which have brought some relief to the prospective buyers. These houses will be available for rent to people from Middle and Lower Income Group (MIG & LIG). MMRDA’s project is likely to come up in the next five years. MMRDA believes that the move will help to bring down the cost of housing in Mumbai.
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