Mumbai housing problem will ease to some extent in the coming year. The city will get its first rental housing project of 35,000 houses at Vasai’s Tiwri village. The project will be developed by Dhanashree Developers and is a part of the Mumbai Metropolitan Region Development Authority’s (MMRDA) ambitious plans for building five lakh rental houses in the next five years. The pilot project spread over 50 acres will have residential units of 160 square feet, which will include a cooking space, bath and water closet. The MMRDA has specified that it would give these houses only to bonafide Maharashtrians who hold a domicile certificate from the state and have a monthly income of more than Rs 5,000 every month. The rents of these houses would range from Rs 800 to Rs 1000.
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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 India’s 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. Mhada’s 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.For more view- realtydigest.blogspot.com