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The Maharashtra Housing and Area Development Authority (MHADA) has unveiled a comprehensive policy to sell 11,184 unsold flats across divisional circles. Directed by MHADA's Vice Chairman & CEO, Sanjeev Jaiswal, the move follows recommendations from a committee reviewing unsold inventory. The policy offers various avenues, including bulk discounts, instalment sales, leasing to institutions, and auctions. It aims to optimize the sales process, unlocking funds stagnant for a decade. This strategic decision is expected to rejuvenate MHADA's finances, facilitating new housing projects and addressing the persistent challenge of unsold flats in the market.
The Maharashtra Housing and Area Development Authority (MHADA) has instituted a comprehensive policy for the sale of 11,184 unsold flats spread across various divisional circles. Under the directive of MHADA's Vice Chairman & CEO, Sanjeev Jaiswal, divisional boards are instructed to promptly act on the sale of these vacant flats in accordance with the policy specifications laid down by the authority. This strategic move comes following the recommendations of a committee tasked with reviewing and studying the issue of unsold inventory. The policy provides multiple options for the sale of these flats, aiming to optimize the process and unlock MHADA's funds that have been stuck for a decade. One avenue allows individuals, organizations, government, semi-government employees, and MHADA employees interested in purchasing 100 or more flats in bulk to receive discounts on the flat prices. Another option involves the sale of flats through rent instalments, wherein an entity can be appointed based on certain terms and conditions to sell the flats. This appointed agency would be responsible for paying all amounts due to MHADA, along with suitable bank guarantees. The third option permits the leasing of unsold vacant flats by divisional boards to private companies, government-semi-government institutions, banks, charitable institutions, hospitals, educational institutions, and employees of contractors implementing large government projects. However, flats under this option should not be leased on an individual basis, and the lease period is set at three years, extendable for another three years. Alternatively, the unsold flats can be sold through an auction process. An official valuer or government town planner may review and evaluate the vacant flats, which would then be sold through auction in their 'as is' condition. This method is also extended to the sale of unsold plots. The final option involves the appointment of a marketing agency or real estate agency. Divisional boards are empowered to appoint a real estate marketing agency through a tender or proposals received directly on commission and agency charges. The appointed organization would be responsible for advertising, branding, marketing, etc., to maximize flat sales in minimum time. The decision to implement this policy is anticipated to free up MHADA's funds that have been locked for many years, injecting liquidity back into the system and enabling the initiation of new housing projects, addressing the prolonged issue of unsold flats and the rising demand for new supply in the market.
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