Increased Deposits For MIG & HIG Flats By MHADA
The Maharashtra Housing Area Development Authority (MHADA) intends to raise the earnest deposit amount for housing units in order to assure applications from legitimate buyers. This aims to eliminate corruption from the allocation process. The authority may demand up to 10% of the project’s overall cost. To learn more about the most recent advancements, keep reading!
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The Earnest Deposit Money (EMD) will be raised by five to ten percent by MHADA. The housing authority has not yet discussed or approved the application. Once finished, there will be a roughly 10% rise in the token amounts for the Middle-Income Group (MIG) and Higher-Income Group (HIG) units.
Why does MHADA intend to raise the token amount?
To eliminate corruption and screen out pointless applications, the authority intends to raise the earnest money requirement. Since these projects are less expensive than those on the open market, many candidates submit multiple applications in the names of their relatives, which limits the number of potential buyers. Additionally, there are numerous instances where winners of MHADA flats have sold their apartments for a bigger profit.
However, this modification does not apply to Lower-Income Groups (LIG) projects or projects in the Economically Weaker Section (EWS).
What are the requirements for applying to MHADA schemes?
To apply for MHADA housing projects, you must be at least 18 years old. Additionally, the applicant must have lived in Maharashtra for the previous 15 years. Additionally, the applicant must not already hold a dwelling that has been assigned by the Maharashtra Housing Area Development Authority.
How are MHADA apartments assigned?
All residents are to have access to affordable housing, says MHADA. The state government uses a lottery method based on income classes. The different groupings are EWS, LIG, MIG, and HIG. According to the regulations, applicants are prohibited from selling their units for five years following the date of acquisition.
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