Increased Deposits For MIG & HIG Flats By MHADA

TheMaharashtraHousingAreaDevelopmentAuthority(MHADA)intendstoraise theearnestdepositamountforhousingunitsinordertoassureapplicationsfrom legitimatebuyers.Thisaimstoeliminatecorruptionfromtheallocationprocess. Theauthoritymaydemandupto10%oftheproject'soverallcost.Tolearnmore aboutthemostrecentadvancements,keepreading!

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TheEarnestDepositMoney(EMD)willberaisedbyfivetotenpercentbyMHADA. Thehousingauthorityhasnotyetdiscussedorapprovedtheapplication.Once finished,therewillbearoughly10%riseinthetokenamountsfortheMiddleIncomeGroup(MIG)andHigher-IncomeGroup(HIG)units.

Why does MHADA intend to raise the token amount?

Toeliminatecorruptionandscreenoutpointlessapplications,theauthorityintends toraisetheearnestmoneyrequirement.Sincetheseprojectsarelessexpensivethan thoseontheopenmarket,manycandidatessubmitmultipleapplicationsinthe namesoftheirrelatives,whichlimitsthenumberofpotentialbuyers.Additionally, therearenumerousinstanceswherewinnersofMHADAflatshavesoldtheir apartmentsforabiggerprofit.

However,thismodificationdoesnotapplytoLower-IncomeGroups(LIG)projects orprojectsintheEconomicallyWeakerSection(EWS).

What are the requirements for applying to MHADA schemes?

ToapplyforMHADAhousingprojects,youmustbeatleast18yearsold. Additionally,theapplicantmusthavelivedinMaharashtrafortheprevious15 years.Additionally,theapplicantmustnotalreadyholdadwellingthathasbeen assignedbytheMaharashtraHousingAreaDevelopmentAuthority.

How are MHADA apartments assigned?

Allresidentsaretohaveaccesstoaffordablehousing,saysMHADA.Thestate governmentusesalotterymethodbasedonincomeclasses.Thedifferentgroupings areEWS,LIG,MIG,andHIG.Accordingtotheregulations,applicantsareprohibited fromsellingtheirunitsforfiveyearsfollowingthedateofacquisition.

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