November 24, 2023: The Maharashtra Housing and Area Development Authority (Mhada) has created a new policy to sell over 11, 184 unsold flats present across the various regional boards. The new policy is a result of the recommendation given by a study group that was formed by Sanjeev Jaiswal, CEO, Mhada.
All Mhada regional boards have been directed to take action for sale of the flats that have been vacant for the last 10 years. This will also help Mhada get the funds that have been struck for so many years owing to the properties not getting sold.
Under the policy specifications laid down by the Mhada, the regional boards are directed to submit proposals to the state government for relaxation of some conditions thereby allowing for the option of direct sale of flats.
Individuals, organisations and government, semi-government employees, Mhada employees interested in buying a batch of 100 or more flats can be given a discount on the flat’s sale price according to the project, under this recommendation.
In the context of rent purchase and sale by installments, the organisation can be appointed on terms and conditions based on agency fees. It will be chosen through tender and an agreement will be made in such a way that the agency will be responsible for paying Mhada all the amount that is due, along with bank guarantees.
The third option suggested by the panel is to rent flats to private companies, government-semi-government institutions, banks, charitable institutions, hospitals, educational institutions and employees of contractors implementing large projects of the government. Unsold flats/slums can be distributed to the divisional boards on rent basis as per their demand, as per the policy. However, the flats can’t be given individually on rent basis. The renting flats time period will be for around three years and can be extended for another three years and these have to be recorded in a comprehensive agreement.
Whatever units/plots are going to be sold by the auction method, they will be done only after an official valuer evaluated the flats. It will be auctioned ‘as in condition’. All agencies will be appointed through tender and they would have to do proper advertising, branding, marketing etc. to sell maximum flats in minimum time. Also, if a developer is interested in selling Mhada flats along with his own, it can be covered.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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