MHADA Virar Project Flats are Now Cheaper up to 3.5 Lakh

MHADA (Maharashtra Housing Area Development Authority) has decreased the prices of flats in its Virar-Bolinj scheme by up to Rs. 3.5 Lakh. The authority have already allotted nearly 1,800 LIG and MIG flats to the winners of scheme. The authority has reduced the prices of LIG (Lower Income Group) flats by top to 2 Lakh and MIG (Middle Income Group) flats by up to 3.5 Lakh with immediate effect.

MHADA has previously set the cost of LIG and MIG flats at Rs 25,19,909 and Rs50,21,514 respectively but now after the price slash, the LIG units will be available at about 23 Lakh and MIG units will be available at about 47 Lakh.

The authority was offering the flats at the rate of about Rs 5,500 to Rs 6,000 per square feet which was comparatively higher keeping in mind the location of the project. The flats in same location by private developers are already available at about the same or even at less cost.

The decision to decrease the prices of the flats and make the project more affordable was taken in a recently concluded meeting of Mhada’s Konkan Board. Dr Bhausaheb Dangade, chief officer, Konkan Board, said, “Taking various factors into consideration we have revised the prices in the larger public interest.”

According to the officials, the construction of flats in Virar project will be completed within next one and half year. The authority will also dispatch the letters of payment in the next month mentioning the new slashed prices.

A lottery winner said, “It’s a blessing in disguise. We were were planning to surrender the house to MHADA because of the its high cost. In fact, private projects were reasonably priced. But with the new rates, we will certainly go for the apartment.”

Leena Soaz Shishir Shetty, a private developer, said they are going through hard times. “The property market in Virar and surrounding areas is almost stagnant as there are no buyers. The ongoing Mhada project has further dented our business. People are only going for resale flats.”