Monday, 17th February, 2020


Like airline ticket now Re 1 flats in Mumbai on offer, just read the fine print carefully

15, Jul 2015 By @jurnoleast

Mumbai: Your dream of buying a house in Mumbai could just come true. A Mumbai builder is offering flats in the city at the cost of Re 1 and that too in the upmarket area of South Mumbai.

Rajan Sodha, Chief Executive Officer at Sodha builders spoke to our reporter. He said, “It is indeed true we are offering flats starting at Re 1. The reason for this is that we got government land for our project and as per the terms we are supposed to create ‘affordable housing’ for the people. So we are offering what we committed. This is the first of its kind initiative anywhere in the world. We hope to get a good response from buyers.”

Many prospective buyers were happy that finally they could afford a house in Mumbai. However, their hopes were dashed when they heard the ‘final amount’ they had to pay to purchase the property.

One such buyer who spoke to us said, “After looking at the advertisement I couldn’t believe that I could buy a flat in Mumbai for 1 rupee. So I went to purchase the flat with just a 1 rupee coin in my pocket. But when I heard the ‘final price’ I couldn’t believe my ears. The cost of the flat was Re1 as advertised but along with that I had to purchase parking space worth 2 Crore. Tell me how can I purchase parking space which runs into crores when the cost of my car is just 5 lakhs. Besides that they have maintenance charges, Security charges, Convenience charges and plethora of other charges that adds another 50Lakhs to the price.”

Re 1 Flats in Mumbai just like an air ticket.
Re 1 Flats in Mumbai just like an air ticket.

The builder in his defence said that buyers should read the fine print. The Re 1 flat comes with a ‘Terms and Conditions’ apply clause. It is common knowledge that you cannot get a flat in Mumbai for 1 rupee.

When asked if this amounted to misleading the people he said, “Don’t airlines have sales of their tickets priced at 1 Rupee. The final amount after adding the fuel charge and taxes comes up to the regular fare. It’s become an industry practice now. We are just keeping up with the times.”