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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Mumbai > Dont buy flats in projects developed under MMRDA rental housing scheme
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Old April 25 2012, 02:40 PM   #1
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Default Dont buy flats in projects developed under MMRDA rental housing scheme

Hi all ,

With the India Bulls project in panvel also being stalled under the MMRDA rental housing as per yesterday's notification, it has becoming clear that all the project under this scheme are clearly seeing delays on account of Govt. changing its norms and there are multiple approvals required .

Lets share the projects which are under this schemes so that all of us are aware of before investing in the project . I have few list below .. of the projects under the rental housing schemes.

a)Dosti Vihar , Thane
b) Ackruti Greenwoods , Thane
c) India Bulls , Panvel
d) Balaji Symphony , Panvel
e) DB orchid Ozone , Mira Road
f) Arihant Akansha , Panvel
g)Auralis,Thane
h)Mahavir Square, Manpada,Thane

Please add so that we all are careful before investing in any MMRDA rental housing related projects....not only most of them are delayed for more than one and half years... still there is no visibility of completion

Anu2010, humble_guy and immortel like this.
 
Old April 25 2012, 02:55 PM   #2
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Some info attached ..but bit stale..Sept 2011

There are talks on revamping the sceme to affordable housing...so agree the projects under this scheme may take long as the matter would need approvals even from CM.

Any update on this matter would be quite beneficial to all need buyers ..as builders are clearly hiding this info

thanks
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Old April 25 2012, 04:51 PM   #3
 
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Please explain the meaning in detail..
 
Old April 25 2012, 05:10 PM   #4
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Default Meaning of MMRDA rental housing scheme

MMRDA started the rental housing scheme to promote the availablity of flats for the weaker section of the society.

The Idea was if the rental housing was built by the builder at a portion of land and handed over to MMRDA , the builder will get extra FSI . so if the plot of land can have FSI of 1.3 as per govt rules , by constructing rental housing for MMRDA ... the builder would get FSI 4.

But there has been lot of changes in the rules by the Govt. on rental housing scheme . Then there are various departments from whom approvals have to be taken even after the scheme has been approved by MMRDA. Hence all the projects under the rental housing schemes are stuck. The list of projects I know under this scheme is in the earlier post.

HENCE BEWARE ... IF YOU ARE LOOKING FOR TIMELY POSSESSION OF YOUR FLATS .... DONT BOOK IN ANY PROJECT WHICH HAS MMRDA RENTAL HOUSING SCHEME AS THE BASIS OF APPROVAL.

THERE IS NO CERTAINITY ON WHEN OR WHETHER YOU WILL GET YOUR FLAT
 
Old April 29 2012, 01:42 AM   #5
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Can you tell us what all projects above have got final approvals and what all are pending. If I am right Indiabulls phase ! is approved and Phase II rejected. Correct me if im wrong.

Dont know status of balaji symphony, please let us know status.

You are saying there are lot of changes in rules, but once approved, does it affect the already project?
 
Old April 29 2012, 02:51 AM   #6
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Icon17 Good Morning Panvel

Quote:
Originally Posted by sharpinvestor View Post
Hi all ,

With the India Bulls project in panvel also being stalled under the MMRDA rental housing as per yesterday's notification, it has becoming clear that all the project under this scheme are clearly seeing delays on account of Govt. changing its norms and there are multiple approvals required .

Lets share the projects which are under this schemes so that all of us are aware of before investing in the project . I have few list below .. of the projects under the rental housing schemes.

a)Dosti Vihar , Thane
b) Ackruti Greenwoods , Thane
c) India Bulls , Panvel
d) Balaji Symphony , Panvel
e) DB orchid Ozone , Mira Road
f) Arihant Akansha , Panvel
g)Auralis,Thane
h)Mahavir Square, Manpada,Thane

Please add so that we all are careful before investing in any MMRDA rental housing related projects....not only most of them are delayed for more than one and half years... still there is no visibility of completion
Good morning Panvel looks like a candidate in this category. They were talking about some flats being reserved for low income groups. Someone can correct me if I am wrong.
There is no need to panic, ultimately the govt will ensure the developer completes the project but the only issue is timely completion which is highly unlikely to happen (as pointed out by Sharpinvestor), due to the constant policy shifts the govt is indulging in.
 
Old April 29 2012, 12:09 PM   #7
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does orchid ozone falls in mmrda rental housing scheme? i doubt
Also Tata Housing -Amantra Kalyan project comes under MMRDA Rental Housing Scheme and I feed it is a good bet
 
Old April 29 2012, 12:58 PM   #8
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Quote:
Originally Posted by sharpinvestor View Post
Hi all ,

With the India Bulls project in panvel also being stalled under the MMRDA rental housing as per yesterday's notification, it has becoming clear that all the project under this scheme are clearly seeing delays on account of Govt. changing its norms and there are multiple approvals required .

Lets share the projects which are under this schemes so that all of us are aware of before investing in the project . I have few list below .. of the projects under the rental housing schemes.

a)Dosti Vihar , Thane
b) Ackruti Greenwoods , Thane
c) India Bulls , Panvel
d) Balaji Symphony , Panvel
e) DB orchid Ozone , Mira Road
f) Arihant Akansha , Panvel
g)Auralis,Thane
h)Mahavir Square, Manpada,Thane

Please add so that we all are careful before investing in any MMRDA rental housing related projects....not only most of them are delayed for more than one and half years... still there is no visibility of completion
Hi Sharpinvestor...where did the news come ? Can you pl share it here or provide a link or file here? Thanks !!
 
Old April 29 2012, 01:50 PM   #9
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Devandra ,

Please look at the posing from Karan. You will know all the details of companies under the rental housing scheme

The problem all builders are facing under this scheme is change of various rules and regulations along with the various approvals required .

Also enclosed is the outcome of the state SEAC meeting for all to look at.

Yes , ashish orchid ozone is under rental housing scheme . Ask them they will tell you.
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File Type: pdf 53MoM_SEAC.pdf (905.4 KB, 737 views)
 
Old April 30 2012, 01:53 AM   #10
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hi Sharinvestor , pls explain if possible ...

Can you tell us what all projects above have got final approvals and what all are pending. If I am right Indiabulls phase ! is approved and Phase II rejected. Correct me if im wrong.

Dont know status of balaji symphony, please let us know status.

You are saying there are lot of changes in rules, but once approved, does it affect the already project?
 
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