Prices for homes in the Low Income Group (LIG) and Economically Weaker Section are certainly affordable, but for the High Income Group (HIG), the rate is almost on par with that prevalent in the market.
This year's affordable housing lottery has been announced by the Maharashtra Housing and Area Development Authority (Mhada) for the sale of 972 homes. Those seeking a home can now start applying; the draw will be held on August 10.
Prices for homes in the Low Income Group (LIG) and Economically Weaker Section are certainly affordable, but for the High Income Group (HIG), the rate is almost on par with that prevalent in the market.
Also, prices of same sized flats in the same locality vary as much as Rs8.92 lakh. For example, apartments in Sion's Pratiksha Nagar with carpet area of 40.61 sqmt have been priced differently for MIG and LIG — Rs39.50 lakh, Rs37.35 lakh, Rs37.95 lakh, Rs30.88 lakh and Rs30.58 lakh.
With respect to the HIG flats, besides them being priced high, Mhada, it seems, is also not providing adequate parking space to buyers in this category. For example, the one available in Shailendra Nagar, Dahisar, is being sold for Rs83.86 lakh, while the rate of those in Charkop is a tad lower than the market price at Rs70.81 lakh.
"I can guarantee you that our prices are 40-45% below the market prices, be it HIG or any other category," justified Subhash Lakhe, chief officer of Mumbai Housing and Area Development Board.
Giving reasons for differential pricing for an apartment with the same area in Sion, Lakhe added, "The year of construction differs, as does the land development cost. For different buildings in the same area, the input cost has varied, hence the variation in the final sale price. The different income groups have been arrived at after realising the varied price and borrowing capacity of the applicant." This year, the income slabs have been revised upwardly.
Prospective applicants can start registering on https://lottery.mhada.gov.in till July 23. Applications can be submitted online between Thursday and July 25, whereas, demand draft for the application can be submitted at certain branches of Axis Bank till July 27.
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