Mhada to sell 3,000 affordable homes in city through lottery this year | mumbai | Hindustan Times
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Mhada to sell 3,000 affordable homes in city through lottery this year

mumbai Updated: Mar 29, 2012 02:17 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
Highlight Story

For Mumbaiites looking to buy new flats, there’s good news. The Maharashtra Housing and Area Development Authority (Mhada) has decided to put up 3,000 houses in the market for sale this year. The major chunk of flats – 2,674 of them – will be low-cost homes.

While 1,000 flats will be within city limits, at Powai, Charkop, Malvani, Sion, Gorai and Magathane, the remaining 2,000 flats will be located at Mira Road.

In Mumbai, 172 flats will be available for the higher income group (HIG) – those with a monthly income of Rs 40,000 and above – and 154 flats for the middle income group (MIG), whose income is in the range of Rs 20,000 to Rs 40,000.

The application forms will be issued from May onwards and selection will be through computerised lottery. The Mhada is expected to release advertisements on the lottery schedule in the next few days.

“This is the first time that Mira Road is being included in the list. There is hardly any land in Mumbai so the decision,” said a senior Mhada official, on condition of anonymity. “People are finding it hard to even purchase a flat at Mira Road so we are sure of a good response.”

While HIG flats would be Rs 30 lakh upwards, the MIG flats will start at Rs 15 lakh onwards.

As real estate prices skyrocket, the Mhada houses have been a great draw as it sells flays at less than half the rates compared to private builders. In the past four years, more than 9 lakh people have applied for 12,216 Mhada houses.

Homebuyers are looking forward to the Mhada draw. “No house is affordable in the city now so Mhada is our only hope,” said Annie Fernandez, who works in a private firm. She lives in a rented flat in Byculla and wants to buy her own house.