MUMBAI: The Maharashtra Housing and Area Development Authority (Mhada) is on a spree to acquire land around Pune, Nashik, Aurangabad and Nagpur to build low-cost housing. A total of 60 acres has been acquired and it would house 6,000 tenements, said Mhada vice-president Satish Gavai at a press meet on Monday.
One of the biggest projects is in Deolai near Aurangabad where the authority added another 18 hectares to its land bank for a township. It would also pay the collector Rs 65 crore for a 10-acre sprawl in Pimpri-Chinchwad, said Gavai. Mhada has also identified small parcels totaling five acres in Nashik. "We have spent over Rs 200 crore on land acquisition across the state in the past two years," Gavai said.
In Mumbai, Mhada has virtually no land left for development. It has 104 residential layouts, comprising 56 housing societies spread over 2,000 hectares, here. "Large portion of it is encroached upon," Gavai said.
At Kole Kalyan in Santa Cruz, Mhada has built 51 high income group (HIG) flats where the rate has been fixed at Rs 6,500 a sq ft, against the market rate of Rs 18,000 a sq ft. Each 739 sq-ft (carpet) flat will be sold— through a lottery system—for Rs 79 lakh. Another 1,600 tenements are coming up in Virar-Bolinj.
Mhada has suffered a hit on its annual Rs 3,000 crore budget; it announced a revenue deficit of Rs 1,200 crore this year. "This is because we take money from flat-buyers only after we procure occupation certificates," said Gavai. Mhada has been unable to sell flats in several of its projects due to a slew of reasons.