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The Maharashtra Housing and Area Development Authority (MHADA) has lowered the prices of 6,248 apartments in Thane in an effort to increase demand among economically disadvantaged section (EWS) homebuyers. These flats, constructed by the Konkan Housing and Area Development Board, are located in Khoni, Shilphata, and Kalyan. Initially launched at higher rates earlier this year, the lack of response prompted a price cut of up to INR 1.43 lakh per flat. The new pricing is expected to improve affordability and encourage participation in upcoming sales rounds.
In a significant move aimed at making affordable housing more accessible for economically weaker sections (EWS), MHADA has reduced the prices of 6,248 flats located in Thane. These homes, part of the state government?s housing scheme for lower-income groups, were developed by the Konkan Housing and Area Development Board, a regional unit of MHADA. Advertisement
The flats are situated in Khoni and Shilphata near Kalyan, and in Buldhi and Shirgav in the Thane district. Despite being launched earlier this year, the response was underwhelming when the housing board offered these units under the ?First Come, First Served? category. Due to the weak buyer interest, the proposal to reduce prices was placed before the board, which has since approved it.
An official from MHADA stated that the revised prices are aimed at making the flats more financially accessible for EWS applicants. The price of 5,236 flats has now been reduced by INR 1,43,404 per flat. The earlier sale price of each unit was INR 21,00,801, which has now been lowered to INR 19,57,397. This marks a drop of roughly 6.8% per unit.
The board has also indicated that the revised prices will apply in future housing lotteries, making upcoming phases of the scheme more appealing to buyers from the economically weaker segment.
By slashing flat prices and enhancing affordability, the board is not only responding to muted demand but also paving the way for higher participation in future housing schemes. The move reinforces the state's commitment to inclusive housing access, especially for economically weaker groups often priced out of the urban housing market.
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