79 applicants for ₹5 crore MHADA flats in South Mumbai

Maharashtra Housing and Area Development Authority’s (MHADA) three high-end apartments, costing ₹4.99 crore, ₹5.13 crore and ₹5.80 crore, at Cumbala Hill in South Mumbai, got 79 bidders till Friday

mumbai Updated: Nov 30, 2018 23:19 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
mhada,Cumbala,South Mumbai
The costliest flat of ₹5.80 crore received 26 applications, while the ₹5.13-crore one got 28 bidders and the ₹4.99-crore flat received responses from 25 bidders(HT)

Maharashtra Housing and Area Development Authority’s (MHADA) three high-end apartments, costing ₹4.99 crore, ₹5.13 crore and ₹5.80 crore, at Cumbala Hill in South Mumbai, got 79 bidders till Friday. These three apartments are the costliest flats unveiled by MHADA so far.

Uday Samant, president, MHADA , said the good response was an answer to critics. “We were confident that there would be buyers for these expensive flats and our stand has been vindicated,” said Samant. He attributed the response to the significant discount given by MHADA, where he quoted an example where a ₹8-crore flat was reduced to ₹5.80 crore. These apartments are among the 1,384 houses to be sold through a lottery scheme to be held on December 16.

The costliest flat of ₹5.80 crore received 26 applications, while the ₹5.13-crore one got 28 bidders and the ₹4.99-crore flat received responses from 25 bidders. All 79 applicants paid ₹75,000 as earnest money deposit.

Realty experts said that this was one of the biggest discounts in the market as new properties commanded a price from ₹1 lakh per square feet onwards in Cumbala Hill. “It is a virtual steal for the homebuyers. The response was expected,” said Pankaj Kapoor, CEO, Liases Foras, realty research firm.

This was in contrast to the 2017 lottery where 29 of the 36 bidders for expensive apartments in Lower Parel retrieved their bids, citing exorbitant pricing. The Lower Parel apartments were priced at ₹1.42 crore and ₹1.96 crore for the 363 and 475 square-feet area apartments respectively.

Cumbala Hill is one of the upmarket residential areas in South Mumbai, which houses several consulates and high commissions. It commands one of the highest rates in the real-estate market in India.

First Published: Nov 30, 2018 23:19 IST