MHADA is also known as Maharashtra Housing and Area Development Authority. Under this scheme MHADA offers houses at low prices to the people who come under low income group sections of Maharashtra based on their income.
According to MHADA regulations a person cannot sell/transfer their MHADA property for 5 years from the date of allotment.
It is not legal to buy a MHADA property before completing the 5 year lock-in period. If a person buys or sells MHADA property before completing the lock in period, it will be considered illegal. This transaction is based on trust and you need to register your property on your name once the previous owner lockin period is over.
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The lock-in term for MHADA apartments is set at five years from the date of allocation. So can we get MHADA before lock in period? No! A MHADA apartment cannot be purchased prior to the end of the lock-in period. The owner is unable to sell or transfer the property during this time. This regulation makes sure that the program only benefits actual buyers and not investors.
What is the Lock in Period for the MHADA Flat?
The apartment must stay with the original allottee for five years, according to MHADA’s lock in period regulations. It is against the law to sell it before this time.
However, some owners attempt to evade the rule by formally transferring control through a Power of Attorney (PoA), which is risky and could lead to legal problems.
The rule is strict to prevent speculation and misuse of affordable housing.
You should be aware of these rules if you intend to purchase a MHADA apartment. For the transaction to be safe and legal, it is essential to buy only after the lock-in time is over.
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What if i bought the Mhada room before lock-in period?
Arunshet Vaghere
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4 Year
2021-05-19T11:53:38+00:00 2021-05-20T13:19:56+00:00Comment
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