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Thursday, March 27, 2014

MHADA Income Limit Revised, Updated For 2014

MHADA Income Limit Revised, Updated For 2014

WITH increasing cost of development of land and construction of houses, the Maharashtra Housing Development has redefined the income categories to purchase Maharashtra Housing Area Development Authority (MHADA) flats in the city.
Stale Government has increased income slabs in all four categories. Higher Income Group (LIG). Middle Income Group (MIG). Lower Income Group (LIG). and Economic Weaker Section (EWS). MHADA Nagpur is developing scheme in Suraburdi. Nari. Dawlameti, and in neighbouring Bhandara.Chamlrapurand other places. In recent years, the construction cost of flats has witnessed steep rise and majority of population is unable to purchase a decent home. Due to old classifications, even MHADA was finding it difficult to accommodate maximum buvers in these schemes. With new income slabs, maximum buyers are covered in low income group and middle income groups. Now. LIGand MIG buyers can fulfil I iheir dream lo have iheir own home. The Stale Government has increased slabs on March 24. This may also attract election code of conduct as Government is trying to woo buyers, sources added.
The hike was being demanded in view of the variance between the cost of dwellings up for sale and the income slab, which was making it difficult to avail home loans for some sections.
As per die redefined income slahs. people with a monthly income of up to Rs 70.001 and above will be categorized underHigher Income Group (HIG). Those earning between Rs 40,001 and 70,000 will come under die Middle Income Group (MIG). People with a monthly income between Rs 16,001 to 40,000 will fall in the Lower Income Group (LIG) while diose earning up to Rs 16,000 per month will fall in the Economically Weaker Section (EWS) group.
Nagpur Improvement Trust (NIT) is also launching housing schemes on the lines of MHADA. Earlier. NIT used to transfer land to MHADA for housing purposes, now. mey have decided to develop on its own. The NIT will follow me guidelines of MHADA for selling of flats. (Read about NIT Flat Scheme at Wardha Road, Jaitala)

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