MHADA lottery opens to a brisk response, 2,035 flats up for sale
MHADA's 2024 lottery offers 2,035 flats, including 1,327 new and 708 unsold from last year, priced 40-50% below market rates. Applications close on September 4
Mumbai: Maharashtra Housing and Area Development Authority (MHADA) opened its lottery for the year 2024 on Friday with 1327 new apartments and 708 apartments from last year’s unsold inventory.
Whenever MHADA has an unsold inventory exceeding one thousand flats they issue a lottery. Last winter MHADA had opened a lottery for 4000 flats. Sources say these apartments are priced 40 to 50 pert cent under the ready reckoner rate making them an attractive proposition for those looking at affordable housing
The most expensive flat on the list is 1532 sq. ft flat at Tardeo, unsold from last year being offered at a cost of ₹7.58 crore. On day one of the lottery the housing body received 246 applications of which 132 applicants paid the token amount which is anywhere between ₹25000 to ₹one lakh. Among the most sought after apartments was a 982 sq.ft flat at Powai which is on the block for ₹1.79 crore. In the open market a similar sized flat in this location is upwards of ₹2.50 crore. Within a few minutes of the lottery opening, seven people had applied for this house.
A MHADA official said this flat was one among the 91 newly-constructed apartments in Powai for the High-Income Group (HIG). Another 105 similar flats have been built in Pahadi Goregaon (W).
{{/usCountry}}A MHADA official said this flat was one among the 91 newly-constructed apartments in Powai for the High-Income Group (HIG). Another 105 similar flats have been built in Pahadi Goregaon (W).
{{/usCountry}}Among the new constructions, MHADA has built 87 apartments for the Economically-Weak Group (EWG), and 649 apartments for the Middle-Income Group. (See box).
{{/usCountry}}Among the new constructions, MHADA has built 87 apartments for the Economically-Weak Group (EWG), and 649 apartments for the Middle-Income Group. (See box).
{{/usCountry}}Apartments sold in the MIG category are mostly in the 2 BHK configuration while 1 BHK apartments are sold under the LIG and EWS categories. The larger 3 BHK apartments are sold in the HIG category. However, there is no fixed pricing mechanism that is being followed and it depends on the location of the apartment.
{{/usCountry}}Apartments sold in the MIG category are mostly in the 2 BHK configuration while 1 BHK apartments are sold under the LIG and EWS categories. The larger 3 BHK apartments are sold in the HIG category. However, there is no fixed pricing mechanism that is being followed and it depends on the location of the apartment.
{{/usCountry}}This is the reason why an applicant may find an LIG flat in Powai, for example, to be more expensive than an MIG flat in other suburbs. MHADA flats up for grabs this year are located at Vikhroli, Malad, Goregaon, Powai and Wadala.
{{/usCountry}}This is the reason why an applicant may find an LIG flat in Powai, for example, to be more expensive than an MIG flat in other suburbs. MHADA flats up for grabs this year are located at Vikhroli, Malad, Goregaon, Powai and Wadala.
{{/usCountry}}According to MHADA officials, the price of homes in the EWS category usually begin from ₹38 lakh and go upwards of ₹7 crore for 3 BHK apartments in the HIG category in areas like Juhu and Tardeo. This year’s new HIG apartments are available at Goregaon and Powai.
Those with an annual family income of a minimum of ₹6 lakhs can apply under the EWS category, those with a minimum income of ₹9 lakh can apply under LIG, while a minimum income of ₹12 lakh is mandatory for MIG and those earning above that can apply for HIG. The annual income of a couple is considered as family income for the purpose of the lottery, said officials. However, this benefit does not include the income of the applicant’s parents or siblings.
The last date for applications in MHADA lottery 2024 is September 4 up to 11.45 pm. The lottery results will be announced on September 13 at 11 am.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.