MHADA offers upto 25% discount on 370 houses in South Mumbai: Details here

These houses are part of Mumbai lottery draw which was called earlier this month for 2030 houses

The Maharashtra Housing and Area Development Authority (MHADA) has announced a price reduction of 10 to 25 per cent on 370 houses available through its Mumbai Board Lottery.

 MHADA has slashed the prices of 370 out of the 2,030 houses allotted under its 2024 lottery. The application deadline has also been extended to September 19 instead of September 4.

The 370 apartments, which were acquired through redevelopment projects under DCR 33(5), 33(7), and 58, will now be available at significantly reduced prices.  This is the first time these surplus homes, located in prime areas of South Mumbai such as Tardeo, Worli, and Mumbai Central, are being offered in the Mumbai lottery.

 

Detailed reductions are as follows:

• A 25% cut for the Economically Weaker Section (EWS)
•  20% for the Low-Income Group (LIG)
• 15% for the Middle-Income Group (MIG)
• 10% for the High-Income Group (HIG). 

The revised prices will be made available on the official MHADA website and through press releases soon.

To allow more citizens to participate in the lottery, the deadline for online application submissions has been extended until September 19, 2024. The updated schedule for the lottery draw will be announced shortly.

At least 24 high-income group (HIG) units priced between Rs 1.90 crore and Rs 7.50 crore in areas like Tardeo, Goregaon, Sion, Chembur and Andheri would now cost 10% less.

Most Expensive Listing: The most expensive apartment on offer was a 1,532 sq ft flat in Tardeo, priced at Rs7.58 crore. This flat in the Higher Income Group category at Crescent Tower in Tardeo will now approximately cost Rs 6.81 crore after a 10 per cent reduction.

Strong Interest: Despite the high price, the Tardeo flat received 132 applications on the first day of the lottery, with 246 total applications received.

Affordable Options: Other apartments were available at more affordable prices, such as a 982 sq ft flat in Powai priced at Rs 1.79 crore.

Market Comparison: The Powai flat was significantly cheaper than similar-sized apartments in the open market, which would typically cost upwards of Rs 2.50 crore.

A flat in the EWS category, initially priced at Rs 42.69 lakh, is now priced at Rs 32 lakh after a 25 per cent reduction.

MHADA calculated the cost of  South Mumbai surplus houses based on the ready reckoner rate of the area, allowing them to charge up to 110 per cent. This led to prices being significantly high.

Since August 9, when the application process started, MHADA has received over 27,000 applications. 

Over 18,000 applicants have paid the required earnest money deposit (EMD) in order to apply for their preferred apartment.

In a bid to appeal to the younger generation of home buyers and improve its social media presence, MHADA also launched new mascots: a young, married couple called Shri and Shrimati Nivasi (residents). At an event held at MHADA’s headquarters in Bandra East to launch the mascots, Maharashtra housing minister Atul Save said everyone dreams of owning a house in Mumbai, the country’s financial capital.

“We received many representations from people requesting us to relook at the pricing of MHADA homes, as it was said to be expensive. So, we have taken a decision to slash prices of a few homes falling under the lottery of Mumbai Board,” said Save.