Are MHADA Flats Worth Buying in Pune?

I shifted to Pune for work almost 4 years ago, and am planning to purchase an MHADA flat here. Hence, I asked my friend, a real estate advisor, is it safe to buy MHADA flats in Pune? He said your situation and goals will determine whether purchasing an MHADA apartment is worthwhile. Although MHADA apartments are reasonably priced, there are a few disadvantages to take into account. I have shared those below.

Benefits of MHADA Flats in Pune

There are several pros of purchasing an MHADA flat in Pune. Some of them are:

• These apartments are less expensive than those provided by private developers. 

• It guarantees transparency and a certain level of buyer protection.

• These flats with good amenities are available in better locations.

• Clear title deeds are typically included with MHADA apartments.

You can check out more advantages shared by Mohammad P here.

Drawbacks of MHADA Flats in Pune

My friend said the following are a few disadvantages you must consider before buying an MHADA flat.

• Since MHADA apartments usually have a lock-in period, you are unable to resell them. 

• It may be necessary to renovate certain MHADA apartments.

• Allocation and possession procedures can be drawn out and can require long wait times.

• Because there are frequently more candidates, getting a unit can be difficult.

I am planning to wait for some time and get more expert advice on purchasing MHADA flat in Pune.

Hello, I recently purchased a MHADA Flat in Pune after considering many factors linked to it. So, I believe I’ll be able to share some points to help you shape your opinion on are MHADA flats worth buying in Pune. Buying a MHADA flat has pros and cons, so weighing them will help you make an appropriate decision.

What are the Pros and Cons of Buying a MHADA Flat in Pune?

Here is a detailed pros and cons list to help you decide whether it’d be a good idea to buy a MHADA flat in Pune.

Advantages

1. MHADA flats are affordable when compared to other apartments. 

2. MHADA flats also hold the capability to be sold at a greater price due to the units being present in the prime locations of the city.

3. The allotment process followed by MHADA is transparent and just. The units are assigned through the lottery system, with the lottery draws held publicly and results declared on the website.

4. MHADA also benefits home buyers through financial assistance. They run several schemes, providing home loans at a lower interest rate with easy repayment options and subsidies on loan amounts. 

5. Flats under this scheme provide a way to improve the quality of life for eligible sections through a comprehensive housing scheme.

Disadvantages

• You need to live in the flat for a minimum of five years before being eligible to sell the flat.

From the pros and cons list, I believe it’s worth buying a MHADA flat as the advantages outweigh the disadvantages. However, take all the precautionary steps, and get property due diligence and other things done to be sure of the property. 

I hope this helps you make an informed decision about are MHADA flats worth buying in Pune.