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With real estate market in Mumbai going overboard in terms of prices, middle-income group individuals had no choice but to stay in rental flats. With the Government taking initiative in the real estate sector, hopes of property affordability have gone up. Adding to this, the recent real estate regulatory bill getting the grant of the government can bring some relief to long grunted property investors and home buyers.
Coming to the aid of home buyers and property investors in Mumbai is the MHADA (Maharashtra Housing and Area Development Authority). The body has undertaken many affordable housing projects in the city that will facilitate buying low budget flats in Mumbai by the middle-income group people. The housing body is currently concentrating in creating 1 & 2 bhk apartments for sale in Mumbai where the prices are being kept as low as possible so that more people can apply for them. In the last few years, Mahada has constructed many affordable housing projects on vast stretches of land and sold them by drawing lotteries, citing huge response from home buyers on a budget.
Recently, Mhada unveiled its biggest ever-housing budget of INR 6,508 crores. Their major trust would be on creating 10,000 low cost houses n Mumbai, Konkan and Pune regions. The houses will be sold through computerized lottery system at subsidizedrates. This is a great initiative on the part of the government to offer low budget flats in Mumbai. With private builders charging exorbitant prices and real estate prices skyrocketing, Mhada houses are getting great response. Individuals who have been trying for years to buy flat apartment in Mumbai can now register with Mhada and take their chances. The hosing body has conducted 8 lotteries till now in which more than 12.28lac applicants have applied for 18,648 houses for sale. Pricing is not the only factor that is attracting middle income individuals towards these flats for sale in Mumbai. The quality of construction of these houses too has been improved over time. With the Government trying to provide ‘housing for all by 2020’and Mhada creating affordable 2bhk apartments for sale in Mumbai along with many studio apartments and 1bhk flats, it seems that the common man can finally buy flat apartment in Mumbai.
The recent Real Estate Regulatory bill will further aid transparency to the whole property-buying scene and encourage more people to look for flats for sale in Mumbai.
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