Mhada to sell 1,000 houses in Mumbai through lottery this August
The housing development authority plans to accept applications from the first week of July and conduct the lottery at the end of AugustUpdated: Jun 06, 2018 11:46 IST
Homebuyers seeking affordable housing can now look forward to August as the Maharashtra Housing and Area Development Authority (Mhada) is planning to sell 1,000 houses in Mumbai through a lottery.
These houses are located in places like Mahavirnagar in Borivli, Kannamwar Nagar in Vikhroli, Pant Nagar at Ghatkopar, Gawanpada at Mulund, Mankhurd and Goregaon.
Mhada plans to accept applications from the first week of July and conduct the lottery at the end of August.
According to Deependra Singh Kushwa, vice-president and chief officer (Mumbai board), the houses “will be priced less than the market rates.” He also said Mhada expects good response for its lottery.
The last ten lottery draws attracted 14.13 lakh applicants vying for 23,742 houses that were put up for sale.
“It is beyond my capacity to buy from private builders and Mhada is the best choice for me,” said Amit Malvankar, who heads an event-management company.
However, real estate experts want Mhada to reduce rates further. “In the last few lotteries, Mhada’s housing rates were hardly any different from those quoted by private builders. This resulted in reduction in the number of applications. The state government should step in, reduce taxes and subsidise these houses,” said Pankaj Kapoor, CEO, Liases Foras, a real-estate research firm.
In the last few years, Mumbai’s real estate has been going through a rough patch with dipping sales because of exorbitant levels quoted by builders.
Homebuyers found houses unaffordable and had to postpone their purchase plans. The number of unsold houses in the Mumbai Metropolitan Region (MMR) was as high as 2.69 lakh. Of these, Mumbai alone accounted for 1.08 unsold houses.