Cost of apartment owned in MHADA lottery has increased
The Maharashtra Housing and Area Development Authority (MHADA) suddenly increased the cost of the apartments for the 2,460 winners of last year’s lottery.
The housing board recently decided to increase the cost of its 700 sq ft high income group (HIG) apartments in Powai by Rs 15 lakh and the 300 sq ft low income group (LIG) apartments in Malvani (Malad) by Rs 2.5 lakh.
Of the total 4,034 houses released in May 2011, there were 110 apartments in Powai and 2,350 in Malvani.
The buyers will have to pay Rs 49.83 lakh instead of Rs 34.75 lakh for Powai apartments while at Malvani they will have to shell out Rs 17.34 lakh instead of Rs 14.93 lakh.
According to official of MHADA, they forgot to add the infrastructure cost as also the cost escalation claimed by the contractor while finalizing the pricing of those apartments in Mumbai.
They also explained that the BMC has asked them to provide for a sewage treatment plant and fire safety in each building, for that the total cost of which comes up to Rs 1.2 crore.
To read more real estate news:
No Sign of Reduction in Mumbai Property Price
Source: Express India
