The Maharashtra Housing and Area Development Authority (Mhada) plans to sell 600 so-called budget flats in Mumbai around Diwali and expects at least 200,000 applications for this, an indication of the demand for affordable housing in one of Indias most expensive real estate markets.
The flats, which will be 225 sq. ft and 600 sq. ft in size, are located in Sion and Vikhroli in the city. Property prices in Sion range between Rs6,000 and Rs12,000 a sq. ft. Mhadas flats will be priced at Rs2,000-2,200 a sq. ft. Buyers will be picked from applicants through a lottery.
There is a huge demand for such affordable housing in Mumbai where real estate prices have become unaffordable… We got overwhelming response from our sale earlier this year and have decided to sell some more flats this year, said Honaji K. Jawle, chief operating officer, Mumbai Board, Mhada.
More : livemint.com
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