SEMI LUXURIOUS APARTMENT, LATEST PLOY OF CITY DEVELOPERS

Real estate developers have come up with a new gimmick to attract buyers. After budget-houses, builders have come out with 'semi-luxury' flats to cater to high-end buyers. The purpose is to provide various amenities offered by premium projects, but keep the houses affordable by making them smaller. Such houses cost 10 to 20 percent more than low-cost houses but 30 to 35 percent cheaper than luxury apartments. Buyers would be provided facilities like clubhouses, landscaped gardens, children's parks, swimming pools and modern security equipment. These apartments are located in prominent or easily accessible areas unlike affordable houses, which are in far-flung suburbs.

MHADA INVITES BUYERS FOR LOW-COST HOUSES

For those looking for affordable homes in Mumbai, Maharashtra Housing and Area Development Authority (MHADA) has announced a sale of 3, 863 flats built by it. Ranging from 225 sq ft to 870 sq ft, the prices of these flats vary from Rs 3.5 lakh to Rs 45 lakh depending on the size and location. The homes will be allotted depending on the income of the applicants and Mhada has chalked out four sections: economically weaker sections for income up to Rs 8 thousand per month, low income group (Rs 8 thousand - Rs 15 thousand per month), middle income group (Rs 15, 000 - Rs 20, 000 per month), and higher income group (Rs 20, 000 and above per month). In case the number of applications exceeds available flats, Mhada would resort to drawing lots by a computerized lottery system.