Attention, homebuyers! 819 affordable houses in Mumbai up for grabs in MHADA lottery
The prices range from Rs15 lakh for Sion’s Pratiksha Nagar houses to Rs1.95 crore for Lower Parel housesmumbai Updated: Sep 15, 2017 14:48 IST
Homebuyers seeking affordable houses now have an opportunity. The Maharashtra Housing and Area Development Authority (MHADA) has scheduled lottery for 819 houses in Mumbai on November 10.
People can apply for these houses from September 16 to October 21. These houses are located in places like Lower Parel, Pratiksha Nagar-Sion, Tunga in Powai, Chandivli, Mankhurd, Siddhartha Nagar- Goregaon, Magathane, Mankhurd, Charkop and Malvani-Malad.
The prices range from Rs15 lakh for Sion’s Pratiksha Nagar houses to Rs1.95 crore for Lower Parel houses.
According to Vaishali Wagh, public relations officer, MHADA, this will be a huge draw for homebuyers. “As usual, we expect tremendous response for our houses. These are all affordable houses,” said Wagh.
Many people have expressed interest in MHADA houses. “We cannot afford those built by private builders and hence MHADA houses are our only alternative,” said Ami Mehta, a media professional who plans to apply for the MHADA lottery for the first time.
Since majority of MHADA houses are way below the market rates, there is a great demand among homebuyers for them. This can be gauged from the fact that in the last nine draws, there were more than 13.58 lakh applicants who tried their luck for the 22,923 houses put on the block.
In the last few years, the real estate has been going through a rough phase and sales dropped drastically as the builders jacked up prices to exorbitant levels. Homebuyers postponed their plans citing unaffordability and this resulted in a huge pile of inventory for the builders which ran into approximately 2.67 lakh of unsold houses in the MMR (Mumbai Metropolitan Region). Of these, Mumbai has 1.05 lakh houses.