MHADA slashes prices of 370 affordable homes in Mumbai by 10% to 25%, extends registration deadline to September 19

MHADA lottery 2024: The Maharashtra Housing Area Development and Authority has decided to slash prices of 370 affordable homes by 10% to 25%

Updated on: Aug 29, 2024, 08:36:30 IST

By Mehul R Thakkar

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Maharashtra Housing Area Development and Authority (MHADA) has announced that it is reducing prices of 370 affordable homes, that are part of the ongoing housing lottery, by 10% to 25%. As many as 2,030 apartments are on sale in prime locations in Mumbai such as Malad, Powai, Vikhroli, Goregaon and Wadala.

MHADA has received several representations for the housing draw and has decided to decrease the prices to ensure that maximum number of buyers can afford a house, said Maharashtra Housing Minister Atul Save

MHADA has also decided to extend the registration deadline to September 19. The application process for the ongoing lottery was earlier scheduled to close on September 4.

The authority has received several representations for the housing draw and has decided to decrease the prices to ensure that maximum number of buyers can afford a house, Maharashtra Housing Minister Atul Save said on August 28.

Also Read: MHADA plans to conduct two housing lotteries annually, create stock of 50,000 affordable homes over the next five years

MHADA had started accepting applications for the housing lottery from August 9.

"With the decreased prices, we are passing a benefit of over ₹100 crore to the homebuyers," said Sanjeev Jaiswal, CEO and VP of MHADA.

The price of the costliest apartment is now ₹6.82 crore instead of ₹7.57 crore, according to MHADA.

MHADA lottery 2024 applications

The MHADA had started accepting applications for the housing draw from August 9 and the last date is now September 19.

Since August 9, MHADA has received more than 30,000 applications and several applicants have also paid the required earnest money deposit (EMD) in order to apply for the preferred apartment.

MHADA received more than 1 lakh applications for the MHADA Mumbai lottery 2023. However, the number of applications received in the first week cannot be considered a benchmark “as most applications are received in the last one week or say the last 10 days. We still have more than 15 days until the lottery applications window closes," an official said.

Apartment prices

MHADA lottery 2024 has on offer apartments in the price range of ₹29 lakh to ₹6.82 crore. Most units in the higher income group (HIG) are being offered in the range of ₹1 crore and ₹6 crore plus.

Also Read: MHADA lottery 2024: Apartments worth ₹29 lakh to ₹7.58 crore up for sale in Mumbai draw

The costliest among them is a unit worth ₹6.82 crore in south Mumbai's Tardeo area measuring over 1,500 sq ft. This apartment is located on a higher floor, is ready-to-move, and the building overlooks the Mahalaxmi Racecourse and faces the sea.

How to apply for the MHADA lottery 2024?

According to MHADA officials, the application procedure for MHADA lottery 2024 is completely online and homebuyers can keep a track of lottery related updates on https://housing.mhada.gov.in/

Also Read: MHADA lottery 2024: Divorced applicants to face additional scrutiny while applying for 2,030 affordable homes in Mumbai

ABOUT THE AUTHOR
Mehul R Thakkar
Mehul R Thakkar is a Mumbai-based journalist who closely tracks the city’s ever-evolving real estate landscape. He believes that Mumbai presents a unique reality that, while Mumbaikars deeply aspire to own a home in the city of dreams, many spend little actual time living in it due to long commutes and demanding work lives. With over 11 years of experience in journalism, I have reported across a wide spectrum of beats, including real estate, housing, infrastructure, aviation, and education. I have also extensively covered the workings of India’s wealthiest civic body, the Brihanmumbai Municipal Corporation (BMC), providing insight into the policy, governance, and urban planning decisions that directly influence Mumbai’s growth. Before joining Hindustan Times, I worked in fast-paced digital and print newsrooms, including Moneycontrol.com and Deccan Chronicle, as well as national dailies such as The Asian Age and DNA. Outside the newsroom, I am an avid weather tracker, a fan of spy thrillers in both books and films, and a keen follower of international affairs.Read More

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