In good news for homebuyers, the Maharashtra Housing and Area Development Authority (Mhada) is all set to build 950 affordable houses in Powai and Virar.
According to the Hindustan Times, the houses at Powai will have an area of more than 500sqft and will be priced at Rs 60 lakh-Rs 70 lakh. The homes in Virar will have an area of 425sqft and will be sold for Rs 15 lakh-Rs 20 lakh. The proposal for the same was passed at a meeting on Tuesday.
Mhada president Uday Sawant told the leading daily, “We will construct 450 houses in Powai and 500 houses in Virar as part of our affordable housing project. The houses will be sold through the lottery system. We have reduced the prices significantly as we want more people to get them at low prices.” Earlier, the MHADA homes at Powai were priced at Rs 1 crore and house in Virar were priced at Rs 18 lakh and above.
MHADA, which provides affordable houses by holding a lottery, has witnessed a dip in its stock in the last few years. In the last lottery of its Mumbai board held in June this year, only 217 homes were up for grabs. Over 66,000 people had applied for the same. In 2018, MHADA had received 1.64 lakh applications for 1,395 houses. While in 2017, more than one lakh applications were received for 819 houses, in 2016, too, over a lakh people had applied for 910 houses.
On Wednesday, Samant told mediapersons that 450 houses will be constructed in Powai, which are set to be included in the next lottery. However, the houses, to cost between Rs 60 to Rs 70 lakh, will take at least three years to complete. At present, MHADA has started the tendering process for the project.