Maharashtra Housing & Area Development Authority (MHADA) has been offering decent housing opportunities in Mumbai and its suburbs. MHADA was envisioned to provide fair housing to Low Income Group (LIG) and Middle-Income Group (MIG).Accordingly, MHADA has succeeded not only in providing the housing facilities to the target groups, but also have laid emphasis on value added services like electric supply, water supply, recreational facilities.One of the important hallmarks of MHADA has been to ensure that undertaken constructions are environmentally friendly. In actual terms, MHADA has made Flats in Mumbai accessible to the common residents with an affordable budget.After elevating the housing conditions of the deprived classes in Mumbai, MHADA has undertaken the development of Houses, flats in plush localities like Versova, Oshiwara etc to cater the housing needs of the high-income group in Maharashtra. Mumbai Real Estate Experts have welcomed this as a departure from the conventional projects that had been undertaken by MHADA so far in Mumbai and Maharashtra as a whole.
It has been noted that despite of the Government’s plea, Private housing Companies have not really made houses that could financially be affordable for the LIG and MIG. However, MHADA offered a platform to provide decent housing to the LIG and the MIG. Over the years since its inception in 1977, MHADA has incorporated the changing times to cater to a wider audience.
Recently, MHADA announced its most expensive housing project ever in Mumbai in Versova to be directed at the higher income group. This MHADA Versova housing complex would have all the exquisite value added services and amenities like swanky clubs, swimming pools, recreational centers etc to match the affluent lifestyle. What appears striking is that though this is the most ambitious projects of MHADA so far, the flats provided would be two and three BHKs with the prices that are very much lower than the ones commanded by the private Housing Companies.
That would make MHADA flats command approximately Rs 50 lakhs in glamorous Versova.
Property Dealers in Mumbai opine that investing in MHADA flats is very judicious as flats in plush localities are available at affordable rates. One can notice a very common trend in the Real Estate and the market of Mumbai Properties that people buy MHADA flats that available at an excitingly lower rate and then with the services of Interior Decorators, augment the price of the flats, thus enjoy the dividends in the terms of the re-sale value of the house.
However, in the eyes of the property consultants, middle class would find these high-end flats out of reach, and the opulent strata would accord preference to the creations of private builders.
Nevertheless, many property and homebuyers in Mumbai have been attracted to this project. MHADA has undertaken plush constructions in Versova to offer chic and lavish accommodation at affordable rates so that even middle class can augment their housing conditions. Apart from Versova, MHADA apartments and houses in the adjoining areas like Sion, Malad, and Goregaon have received a favorable response from homebuyers.
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