MHADA recently received letters from auction winners of shops held last year. The winners have sought cancellation of their shops citing Corona as the reason for their financial crisis.

By Varun Singh

Prices at which MHADA sells its shops and apartments are considered to be cheaper than the market rate.

However, Corona has even made MHADA rates unaffordable for a few who had won shops in the past.

Three winners of shop e-auctions have written to MHADA citing Corona as reason for their financial crisis. They have expressed their desire to not continue with the allotment.

In mid 2019, MHADA after a long hiatus had carried out an e-acution of shops.

These shops were spread over areas like Mulund, Malad, Sion, Kandivali and others.

However, recently MHADA received three applications, where the winners of the auction have expressed their desire for cancellation of their allotment.

“We received applications, where the winners have stated their inability to go ahead with the shops they had won via e-acuction,” confirmed Jivan Galande, Joint Chief Officer, Mumbai Board, MHADA.

“The winners have cited Corona as the reason for their financial crisis. Due to which they do not wish to go ahead with the shops”

Jivan Galande, Joint Chief Officer, Mumbai Board, MHADA.

In the year 2020, many business came to a halt, due to the lockdown. The lockdown was imposed ignorer to curb the menace of the Corona virus pandemic.

Corona has impacted everyone and real estate is one of the worst hit sector.

The COVID 19 virus has put a serious pressure on the economy. Many jobs were lost, and salary cuts became the norm.

Amidst this, MHADA which is seen as the only housing authority in the state that provides cheap homes and shops also has become the victim of the virus.

With unlock in the country and Mission Begin Again in the state, the economy is slowly getting back into action.

However, it will still take a lot of time for the economy to stand back on its feet. Real estate is also limping back with sales slowly picking up in realty projects.

Also Read: 250 Notices Issued To Developers, 214 On Its Way

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