There’s good news for aspiring homebuyers discouraged by Mumbai’s exorbitant realty rates.
The Maharashtra Housing and Area Development Authority (MHADA) has announced that it will put 4,596 low-cost homes on the block next year, in areas such as Powai, Sion, Goregaon, Malad, Dahisar and Gorai.
This is the biggest single lot of low-cost homes in four years.
A computerised lottery will be conducted to pick the buyers of these houses, with forms available from April onwards and the draws held in November 2012. A large chunk of the houses will be located in Siddharth Nagar, Goregoan, (2,367) and Powai (1,216).
“There is tremendous demand for our houses because citizens cannot afford to buy from private builders,” said MHADA chairman (Mumbai Board) Amarjit Singh Manhas.
While MHADA flats cost between Rs 5 lakh and Rs 50 lakh each, most builders are charging upwards of Rs 1 crore for their ‘premium’ flats in the same areas.