History Repeats, MHADA plans to slash prices of unsold flats

mhadaBy Accommodation Times Bureau


The Maharashtra Housing and Development Authority (MHADA) is facing the tough time to sell their minimum 921 housing apartments in Nashik and Aurangabad due to high price value of housing apartments than the market rates.

The maximum number of the apartment is been build in Nashik and 20 were constructed in Aurangabad in 2015, by housing body.

Accommodation Times first reported in 1998-2000, when Maharashtra Housing and Development Authority (MHADA) lowered its price rates of house apartments in Oshiwara and Powai.

According to MHADA official, “The pricing of these apartments has been on the lines of the property rates in Mumbai as against the rates in the local property market. The contract was also issued at these rates which are inflated for the market there.”

MHADA is waiting to recover its investment made in this project. In past, the housing body had paid minimum Rs 263 crore to the contractor after the construction of buildings in Nashik and Aurangabad.

The housing authority had an issued a circular in order to clear the rates in these places. In order to attract the buyers, there were plans to slash the prices of the unsold inventory, said, few sources.

The MHADA officials are now thinking to make amendment in selling rates of the flats in Nashik and Aurangabad by minimum 20 percent.

MHADA officials said, “We are trying to put best efforts in order to sell these flats at the earliest. The final decision on making a correction on selling rate of these flats is yet to be taken.”

It is being difficult to sell the flats by the housing body and it’s important that the responsibility of these two places apartments must be given to the contractor, said, officials of housing department.


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