MHADA Revises Virar Project with Reduced Prices
Virar-Bolinj scheme of the Maharashtra Housing Area Development Authority (MHADA) has slashed prices of their flats. This will bring a smile to 1,800 winners of the project.
Previously, MHADA had fixed the prices at Rs25, 19,909 and Rs50, 21,514 for LIG and MIG blocks respectively, but now with the reduction in prices, the Lower Income Group (LPG) and Middle Income Group (MIG)can save around Rs 2 to Rs 3.5 lakh. The new price tag will read at Rs23 lakh for the Lowe Income Group flats.
The initial costs read at Rs5,500 to Rs6, 000 per sq ft, which was quite expensive considering the location of the apartments were not in the hot zone. Since private developers came out with equal and even lower rates, the government agency came under pressure to revise their rates.
A recent meeting of the MHADA’s Konkan Board finalised the decision to slash the prices and make the Virar project affordable. The chief officer of the Konkan Board, Dr Bhausaheb Dangade, said that they have reviewed and examined various factors and decided to revise the prices in the interests of the public.
He added that the work of the project is going on smoothly and that they expect it to be completed within one-and-a-half year. He also said that payment letters, with the revised rates mentioned, would be dispatched the following month.
A winner of the lottery is relieved and happy at the reduced prices. He was on the verge of relinquishing their house to MHADA due to the high expense, especially since the private projects are offering affordable prices. But with the reduction coming into effect, he says he would definitely head for the apartment now.
Private developers, on the other hand, are not happy with the way things are going for them. Leena Soaz Shishir Shetty, who is a private builder, says they are going in between a lean patch. Virar and the areas around are no-man’s land in the property market and next to impossible to get buyers. According to Leena, the MHADA project will cause a big dent in their business as people are flocking towards resale flats.
Bhausaheb Dangade, Lower income group, LPG, Maharashtra Housing Area Development Authority, Mhada, MHADA project, MHADA’s Konkan Board, Middle income group, MIG, Virar-Bolinj scheme
