Saturday, April 23, 2016

CREDAI should clarify on 1 BHK flat for rupees 5 lakh

Maple Shelters who recently offered  1 BHK flat only for rupees 5 lakh under Pradhan Mantra Awas Yojana (PMAY). But recently Maple has sold 30 square meter flats at whopping cost of around 19 lakhs . There was a lot of chaos after advertisment regarding this appeared in media. Fact is, it is almost impossible to provide 1 BHK flat in 5 Lakh rupees in or around pune . However Credai pune metro has made rival argument supporting Maple shelters.Hence the responsibility to clarify on , how come these flats worth around 19 lakhs rupees will be made available in just 5 lakh rupees is on credai only

No doubt Credai has full right to support its members. But the way it presented its stand on claims made by Maple shelters that may not be acceptable to all. Because aims of credai are to perpetuate self-imposed and mandatory for all the member an ethical code of conduct. But it seems that credai has devited from it.

Photo courtsey affordablehousinginstitute.org

Credai has claimed that , it is possible for a developer to deliver homes at  a cost of Rs. 7.2 lakhs as advertised by the Maple shelters. Credai also confirmed that at the cost of Rs. 2200 psf, in the fringe areas where land costs are low, homes are possible to be constructed and delivered. With the subsidy of Rs. 2.2 lakhs under the PMAY CLSS scheme, it is very possible to deliver homes to the affordable segment at a cost of Rs. 5 lakhs as envisaged by the Government.

Photo  courtsey .democraticunderground.com

Now let us have a look at two sale deeds registered in March 2016. Both sale deed are of same maple shelters who is claiming to provide 1 BHK flat in just 5  lakhs. One is of what they call moshi annex of Kharabwadi and other is of Nanekarwadi.

At kharabwadi they have  sold a flat of area 29.17 square metres ( exactly the carpet area equivalent to scheme under PMAY) at rupees 18,38,942 /- ( Rupees eighteen lakh thirty eight thousand nine hudred and fourty two ) that comes to around 6,129 rupees per square foot. Even as per ready reckoner rate comes to around 4,350/-

Other is at Nanekarwadi , they have sold 32.24 sq.mt flat at cost of 19,58,165 ( nineteen lakh fifty eight thousand one hundred and sixty five ) , that comes  to around Rs  6116/-( six thousand one hundred and nineteen rupees) even as per ready reckoner this rate comes to Rs 4687/- ( four thousand six hundred and eight seven rupees)

Now its up to Credai to clarify that how come these around 30 sq.mt flats can be sold at the cost of 5 lakh rupees. Even after subsidy under PMAY schemes the rates of these flats come to around 16, 18,942 and 17,38,165 respectively. Even as per ready reckoner rates come to 14 lakh and 15 lakh respectively.

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