MHADA’s First-of-kind PPP Mega City Project in Mumbai Suburbs
MHADA in association with M/s Chadha Developers & Promoters (CDP), have announced their first-of-kind public private partnership project “Chadha Residency” at Karav village, Vangani West, Near Badlapur. This is the beginning of a dream project initiative of our Honourable Prime Minister Shree Narendra Modiji. Under this Partnership between CDP & MHADA, the project consists 66 towers of 7-storey buildings which comprising 4,114 flats of 1 BHK under the PMAY (Pradhan Mantri Aawas Yojna) Scheme. RERA Approved project. This is actually a kind of development of mega city project by its overall features. There are total 133 towers and 8228 flats in this project. Out of these 50% flats are reserved for above mentioned PMAY Scheme for EWS category. The area of this project covered is 80 acres of huge land. A Commercial Shopping Complex and Reputed School are also a part of this project. Further it has a development plan of beautiful fifteen Gardens, Club-house, Jogging Parks, Senior Citizen Park, Children Play grounds, ample Water supply, rain water harvesting, solar system, Electric Charging Points for Electric Battery Vehicles in each and every building and many more. More than One-thousand applicants already won lottery draw of flats in last 2 lots since its launch in September 2021. The remaining 3000 flats’ through lottery will be closing on December 25th 2021. The draw date is January 1st, 2022. “This is the first time that MHADA has come up with a public-private partnership and we are very great to have a tie-up with the government to come up with a project that serves the purpose of buying home at affordable rates to the common people. We have taken measures to maintain transparency in order to have a long-lasting relationship with MHADA,” said Dimple Chadha, Managing Director of Chadha Residency. People can book the flat by paying a 10 percent of construction cost as a token money. Buyers need to pay charges for the flat registration and society formation along with electricity, water, and basic infrastructure. This project has been approved by renowned Banks or Financial organizations. Customer need to pay 10% down payment of construction cost and balance all can be paid through Home Loan facility. For Home Loan minimum documentation will be acceptable. Income Tax Returns are not mandatory. Easy and simple process for loan facility kept. CDP is having their inhouse banking team which is helping customers to understand the process of getting home loan and its benefits in terms of risk free investment and future tax benefits. As per CDP Spoke person as it is kind of noble cause in availing home at affordable rates, various banks and finance institutes shown great response in getting this project approved and also eager to be part of this amazing journey. EWS category people who are in to the professions like Auto Riksha Driving, Cab driving, Vegetable Sellers, Vada Pav stall holders, Tea Vendors, Small Hotels proprietor, tailoring shops, House maids, Cash Salary Earners, people who are working on contract basis or third-party payrolls, people who are in to small businesses and operates from their residence, newspaper seller, etc categories. CDP’s finance partners or Banks are also understanding the EWS category in terms of their financial background and also how to support which they actually needed. “The buyers are welcome to see the sample flat, which has already been kept available at site office. The possession of EWS category flats would be in the year 2023. The entire project has been tailor-made in response to affordable segment consumer appetite for authentic and extra ordinary living experience with modern amenities and luxuries. The building will come with RCC framed structure, Earthquake resistant structure, rain water harvesting, water recycling, reserve water supply from Government authority, etc.
Tags : News/Views PMAY RERA MHADA home loan tax benefits Mumbai Suburbs Chadha Developers & Promoters Chadha Residency Income Tax Returns