The Maharashtra Housing and Area Development Authority (Mhada), on Tuesday, announced the prices of its new low-cost flats, the forms for which will be available from Wednesday, April 27.
For the middle and higher income categories, flats are available at Rs 25 lakh to Rs 55 lakh in areas such as Sion, Kandivli and Powai.
However, this time, there has been an increase in the prices of these apartments.
Of the total 4,034 apartments that Mhada has put on the block, 645 have been kept for middle and higher income groups.
The balance 3,389 flats have been set aside for the economically weaker sections and those in the lower income group.
Speaking to Hindustan Times, Amarjit Singh Manhas, chairman, Mhada (Mumbai Board), who is presenting the authority’s fourth lottery said this would bring relief to homebuyers.
“In the current realty market, it has become impossible to buy from private builders and hence we expect lakhs of people to apply for these flats,” Manhas said.
He defended the hike saying, “We have increased the size of the flats and correspondingly their price.”
The online forms will be available from April 27 to May 16 while the final computerised draw to choose the lucky
winners will take place on May 31.
This time, Mhada has hiked both the size as well as income limit of the applicants.
The middle income group (MIG) whose income ranges from Rs 20,000 to Rs 40,000 a month will be eligible to apply for flats of 437 square feet, while the higher income group (HIG) — those drawing more than Rs 40,000 a month — can apply for flats of 476-701 square feet.
Housing activists are unhappy with the hike.
“Banks have tightened lending norms and even the rate of interest has increased. The hike will aggravate matters,” said Shreedhar Sharma, chairman, Revathy Foundation, an NGO working for affordable housing.