MHADA Lottery 2024: Prices of 370 flats in Mumbai slashed, registration deadline extended; check details

The Mumbai board of Maharashtra Housing and Area Development Authority (MHADA), on Thursday, August 28, announced a reduction in prices of affordable lottery houses included in the MHADA lottery 2024 by 10% to 25%.

The deadline for applications has also been extended to September 19. Earlier, the last date to apply was September 4.

Also read: MHADA Lottery 2024: Over 2,000 flats up for grabs; check eligibility, how to apply, and more

State Housing Minister Atul Save, while unveiling the MHADA Mascot at an event in MHADA headquarters on August 28, announced the decreased prices saying that the authority has received several representations from different segments regarding the prices of some of the units being offered in the MHADA lottery 2024. He said that the prices seem high for some units, but that has not resulted in any fewer applications. The housing agency has already received over 20,000 applications, but it has decided to slash the prices regardless, the minister added.

At the MHADA mascot launch event, MHADA’s VP and CEO Sanjeev Jaiswal said that the 370 houses whose prices were slashed were taken from the redevelopment of MHADA layouts and ‘cess’ buildings (from the redevelopment of old and neglected structures) located in Mumbai. Other houses in the lottery are constructed by MHADA itself.

The most expensive apartment included in the lottery for more than ₹7.5 crore, located in South Mumbai’s Tardeo, will now be offered at around ₹6.8 crore. A flat in Vikhroli will also now be offered at around ₹29 lakh from the earlier price of ₹38 lakh, among other reductions.

Jaisal said that this development will benefit homebuyers of almost ₹100 crore. He added that MHADA will bear maintenance charges for those who have been allotted flats in housing societies where management committees have already been formed and maintenance charges are levied, from the date the committee was formed till the flat is allotted to the individual.

According to a report by Moneycontrol, out of the 370 houses, 226 are for the economically weaker section (EWS) and applicants from the low-income group (LIG), at 25% and 20% lower prices, respectively. Prices of 118 houses for the middle-income group (MIG) and 24 units for the high-income group (HIG) will be reduced by 15% and 10%, respectively.