Over 1,100 'dream homes' in Mumbai up for grabs

Over 1,100 'dream homes' in Mumbai up for grabs

Work in progress at the construction site in Sector 36, Kharghar

Mumbai There is good news for homebuyers, especially for those looking for a spacious house. The City and Industrial Development Corporation of Maharashtra Limited (CIDCO) is likely to implement a lottery system for its High Income Group (HIG) and Middle Income Group (MIG) buyers for flats in Kharghar in September.

Sources in the CIDCO said prices would be finalised by July-end as the process of fixing rates is in its final stage.

The CIDCO, under its mass housing project, has planned to construct over 10,000 homes at five different locations across Navi Mumbai. It has already awarded Rs 400 crore contract for construction of 1,118 HIG and MIG type houses in Kharghar to B G Shirke constructions around ten months ago.

With floor space index (FSI) of 1.5, 712 flats with carpet area of 611 sq ft are being built for MIG in 14 buildings, while 406 flats with carpet area of 1,070 sq ft under HIG would be constructed in eight buildings, on six hectares of land in Sector 36 in Kharghar.

The HIG and MIG flats will be 3BHK and 2BHK, respectively. The construction of these flats has already started and it is likely to be completed by early 2014.

"The construction of HIG and MIG flats is being done as per schedule, so we anticipate the completion of these flats by the beginning of 2014. We are going to implement a lottery system for these homes in September. Also, we have almost finalised the price for HIG homes. These flats are likely to be available for anywhere between Rs 5,000 and Rs 5,500 per sq ft. However, the rate for MIG flats has not been decided yet, but it will be finalised by end of this month," said a senior CIDCO official, requesting anonymity.

Interestingly, CIDCO is mulling over the inclusion of expenses for a clubhouse, parking facility, among others, within the price of the flats that will be sold based on their respective built-up areas.

"We are planning to build a clubhouse on the space allotted for parking. This will save space, so we may not charge buyers for the clubhouse. Also, we are likely not to charge them for anything other than just the price of flat that will be solely based on its built-up area," the official said. CIDCO superintending engineer Brijesh Shami said the lottery system would be implemented by September.

"We are working over the process of carrying out the lottery system. However, at this point of time, we are not able to announce when it will be carried out. We expect it to be done soon, by September. Prices of the HIG flats are likely to be between Rs 5,000-5,500 per sq ft, but they may change," Shami said.
Story First Published: July 10, 2012 13:33 IST

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