There will be 4,275 new low-cost houses up for grabs on the outskirts of Mumbai as the Maharashtra Housing and Area Development Authority (MHADA) announced on Monday a lottery to be held on February 24.
The online registrations for these houses located in Thane (183), Mira Road (310), Virar (3,755) and Sindhudurg (27) will begin on Wednesday. The winners of the lottery are expected to get possession of the houses by April.
The houses will be available for different income groups and are priced between Rs4.37 lakh and Rs40.93 lakh.
Majority of the houses will be available in the lower-income group segment (income of Rs16,000-Rs40,000 a month) and the middle-income group segment (income of Rs40,000-Rs70,000 a month).
“This is the biggest lottery we have had in the past few years. The aim is to provide houses at affordable rates. We have reduced the rates to give relief to the buyers,” said Prakash Mehta, state housing minister.
MHADA has reduced its administrative cost, the profit margin and contingency expenditure to reduce the cost of the houses. The authority has also reduced the earnest deposit amount that it collects from buyers.
MHADA houses are a big draw, which can be gauged from the last eight lotteries. More than 12.28 lakh applicants participated in them for 18,648 houses.