MHADA Is Raising Deposits For MIG & HIG Flats
The Maharashtra Housing Area Development Authority (MHADA) intends to raise the earnest deposit money for housing units in order to ensure applications from genuine buyers. This is intended to eliminate corruption in the allocation process. The authority will assess a fee of up to 10% of the total project cost. Continue reading to learn more about the most recent developments!
The MHADA is planning to raise the Earnest Deposit Money (EMD) by 5 to 10%. The housing authority has yet to discuss and vote on the proposal. Once finalised, the token money for units in the Middle-Income Group (MIG) and Higher-Income Group (HIG) will be increase by about 10%.
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Why is MHADA considering increasing the token money?
The authority intends to raise the earnest money in order to weed out corruption and unnecessary applications. Because these projects are more affordable than those on the open market, applicants frequently apply multiple times in the name of relatives, reducing the opportunity for genuine buyers. Furthermore, there have been several reported cases where MHADA flat winners have sold their flats for a higher profit.
This change, however, does not apply to Economically Weaker Section (EWS) projects or Lower-Income Groups (LIG).
What are the eligibility requirements for MHADA schemes?
To apply for MHADA housing projects, you must be at least 18 years old. The applicant must also have lived in Maharashtra for the previous 15 years. Furthermore, the applicant must not have any other Maharashtra Housing Area Development Authority-allotted housing.
How are MHADA flats distribute?
MHADA’s goal is to make affordable housing available to all citizens. The state government runs a lottery system based on income levels. These are classified as EWS, LIG, MIG, and HIG. The applicants are not permitted to sell their units for five years after the date of purchase, according to the guidelines.
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