Buyers opting for MHADA flats likely to rise by 25 per cent, as it offers affordable homes compared to private developers
Buyers opting for MHADA flats likely to rise by 25 per cent, as it offers affordable homes compared to private developersThe Maharashtra Housing and Development Authority's (MHADA) decision to put nearly 3,500 flats for sale in December is likely to change the realty market scenario. According to experts, more people will flock to buy the MHADA flats since they are cheaper than those offered by private builders.
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MHADA colony at Malad pic/Pradeep Dhivar |
"People won't spend money on flats that will burn a huge hole in their pockets. It was obvious that everyone wants an affordable home when buyers stood in long queues for endless hours after MHADA issued forms in January," points out real estate expert Ajay Chaturvedi. Despite the financial crisis, MHADA had sold around 7.5 lakh forms for the 3,863 flats on sale in January. Eventually, only four lakh applicants submitted the forms, but the number is expected to increase by about 25 per cent this year.
Preferred choice
"It's a wrong notion that people don't want to stay in MHADA flats. Their flats in Versova are a preferred choice for the elite population in the city. Celebrities too apply for MHADA flats. With the realty market shooting up, the chances of people queuing up in big numbers for MHADA flats is high," says Sangeet Kumar, a real estate broker from the western suburbs.
Private builders feel threatened about losing approximately five lakh buyers to MHADA. "The MHADA houses will surely result in a dent in the real estate market for us; cheaper prices do attract buyers. It will take away nearly 30-40 per cent of our buyers," complains Mihir Dhruva of Siddharth Builders.
Did you know?
MHADA plans to set up gyms, welfare centres, grocery stores and kids' corners in its housing colonies in the future.
Cost factor
The cheapest 1-room-kitchen flat in Ghatkopar costs Rs 3.35 lakh. A similar flat in the area from a private builder costs more than Rs 10 lakh. In Versova, the costliest 2BHK MHADA flat costs Rs 56 lakh. It'd be up to Rs 1-1.5 crore if you buy it from a builder.
