Maharashtra: MHADA plans to sell flats at lower prices in Aurangabad and Nashik

Mumbai: The Maharashtra Housing and Development Authority (MHADA) has not been able to sell their housing apartments constructed in areas of Nashik and Aurangabad as they are costing more than the market rates. They are facing a tough time in selling the apartments which were constructed in 2015.

The housing body has constructed at least 921 housing apartments in places of Nashik and Aurangabad. Out of these, maximum buildings have been constructed in Nashik and the remaining 20 were constructed in Aurangabad.  “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 markets there,” said a MHADA official.

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The housing body has paid at least Rs 263 crore to the contractor after the construction of the buildings in these two places. MHADA is awaiting a recovery of their investment made in this project.  Few sources also said there were plans to slash the prices of the unsold blocks in order to attract prices. The housing body had also issued a circular in order to clear the rates.

MHADA offficials are now planning to make a correction in the selling rate of the flats by at least 20 percent. “We are trying to put our best efforts in order to sell these flats at the earliest. The final decision on making correction on selling rate of these flats is yet to be taken,” said a MHADA official.

Officials from the housing department said it is important that the responsibility of selling these apartment must be given to the contractor as it is being difficult to sell the flats by the housing body.