Buy MHADA low cost flats in Mumbai Maharashtra in installments

This article gives information on the new MHADA scheme for purchasing low-cost houses in Mumbai, Maharashtra, on the basis of installments.

The Maharashtra Housing and Area Development Authority (MHADA) has announced an exciting new scheme for its low-cost housing projects two years hence. As per this new scheme, you can buy a MHADA flat in Mumbai, Maharashtra in 4 installments . Earlier, buyers had to pay a deposit and lump sum for the MHADA flat.

Purchase of MHADA Flats Instalments Scheme in Maharashtra

For under-construction MHADA projects, buyers no longer need to pay at one go. Instead, when you purchase a MHADA low-cost flat, you can now pay as the construction progresses in 4 instalments.

How to pay for MHADA low-cost flats in 4 instalments:
(a) Pay 10% of the total amount on booking
(b) Pay 405 after the concrete construction of the home is ready
(c) Pay 25% after the entire project is complete
(d) Pay the final instalment only when you take possession of the MHADA flat

The date of the 2011 MHADA lottery will be in June. Application forms for the 2011 MHADA lottery will be available in January.

Locations of low-cost MHADA flats in Mumbai: Sion; Andheri; Goregoan, Borivili; Chembur.

MHADA low-cost flats Rates and flats size

1. MHADA low cost flats for Economically weaker section:-
Flat size: 225sq. ft.
Amount (sq ft): Rs.2,400/-

2. MHADA low cost flats for Low-income Group:-
Flat size: 400sq. ft.
Amount (sq ft): Rs.2,700/-

3. MHADA low cost flats for Middle-income Group:-
Flat size: 400-800sq.ft.
Amount (sq ft): Rs.3,300/-

4. MHADA low cost flats for High-income Group:-
Flat size: 800sq. ft. onwards
Amount (sq ft): Rs.6,500/-

Note: Information for this article has been taken from media reports. Readers are requested to confirm details from MHADA website/MHADA officials.

Important latest update: The lottery for MHADA flats may take place in July 2011. The rates have also been revised.
Please read: Revised rates of MHADA flats

More articles: Flats in Mumbai


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