The Maharashtra Housing and Area Development Authority (Mhada) has received an encouraging response for its lottery scheme for affordable housing, with 25,844 people having applied for 977 flats in the first five days, since its launch.
According to Mhada officials, these houses cost 40% less than what prevailing market rates demand. Mhada has unveiled 977 apartments in the Rs 18.14 lakh-Rs 46.61 lakh range. These houses are located in Mulund, Sion, Mankhurd, Malad and Goregaon.
According to Hemant Patil, public relations officer (PRO) at Mhada, the scheme has received an overwhelming response. “Our prices are low compared to that charged by private builders, so buyers are attracted to our lottery,” said Patil.
While a 269-sq-ft house at Unnatnagar, Goregaon is priced at Rs 18.14 crore, the costliest house, with an area of 479 sq-ft at Gavanpada, Mulund, costs Rs 46.61 lakh. Unlike builders who usually charge for built-up area, the prices of these homes have been calculated on the basis of carpet area.
According to realty experts, the low price charged by the Mhada is the driving force behind this kind of response. “If buyers are getting flats within Rs 50 lakh in Mumbai, there is nothing like it for them. The buyers will also get loans easily, as Mhada has a reliable name and buyers are even assured they will get possession,” said Ajay Chaturvedi, a real estate expert.
{{/usCountry}}According to realty experts, the low price charged by the Mhada is the driving force behind this kind of response. “If buyers are getting flats within Rs 50 lakh in Mumbai, there is nothing like it for them. The buyers will also get loans easily, as Mhada has a reliable name and buyers are even assured they will get possession,” said Ajay Chaturvedi, a real estate expert.
{{/usCountry}}However, housing activists say Mhada should slash prices further. “Mhada houses are meant for poor people who cannot afford homes built by private builders. The government should subsidise them,” said Ramesh Prabhu, who heads the Maharashtra Societies Welfare Association.
For years, Mhada houses were popular among the people as they were priced low and served as an alternative to the private builders. However, in recent years, with land rates skyrocketing and a hike in the cost of construction, even prices of Mhada homes are priced high. This has caused lot of distress to potential buyers.
Up for grabs
* MHADA has unveiled 977 apartments for its lottery this time
* The houses are located in Mulund, Sion, Mankhurd, Malad and Goregaon
* Applicants have to apply online on the website https://lottery.mhada.gov.in
* The last day for filling forms online as well as submitting them along with Earnest Money Deposit (EMD) is May 20
* The lottery will be held on May 31 at Rangsharda Hall, Bandra
* The apartments are priced in the Rs 18.14 lakh-Rs 46.61 lakh range.
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