Maharashtra Housing and Area Development Authority (MHADA) is preparing to sell its most premium apartments in South Mumbai ahead of Diwali. The luxury units, located in Crescent Tower at Tardeo, will be sold on a first-come, first-served basis — a departure from the lottery system that has defined MHADA’s housing allotment process for decades.
These apartments, priced between ₹5.93 crore and ₹7.58 crore, represent the authority’s most expensive offering to date. The priciest unit, a three-bedroom apartment on the 19th floor, includes staff quarters and offers sweeping views of the Mahalaxmi Racecourse and the Arabian Sea. Crescent Tower, developed by a leading private construction firm, has become synonymous with exclusivity and high-end design in South Mumbai’s skyline. Officials confirmed that MHADA will soon issue a public advertisement inviting interested homebuyers to register directly for the purchase. The announcement is expected before the Diwali festival season, giving prospective buyers a rare opportunity to own premium real estate in one of Mumbai’s most sought-after localities. Unlike previous schemes, no draw or lottery will be conducted — buyers will secure homes on a direct-application basis.
The Crescent Tower project came under MHADA’s portfolio in 2017 following the redevelopment of an older housing block under a public-private partnership model. Under the now-discontinued policy, private developers were allowed to retain a portion of the redeveloped space, while MHADA received a share of apartments. Despite policy changes since then, the authority continues to hold ownership of select flats within such projects. While MHADA’s traditional mission has centred on providing affordable homes to low- and middle-income residents, its foray into high-value housing reflects the changing dynamics of Mumbai’s real estate market. Industry experts view this move as an attempt by the authority to monetise its premium assets and reinvest the proceeds into future affordable housing projects across the metropolitan region.
However, the offering has sparked discussions around MHADA’s evolving identity — from being a social housing provider to a stakeholder in luxury real estate. Urban policy experts note that such diversification can be beneficial if the revenue is channelled towards sustainable, inclusive, and energy-efficient developments that serve broader public needs. As the city continues to grapple with rising land costs and unequal housing access, MHADA’s latest move underscores the tension between affordability and aspiration in Mumbai’s urban housing landscape. Whether this premium sale translates into greater funding for equitable housing remains to be seen, but it certainly signals a new chapter in the authority’s approach to housing delivery in India’s financial capital.
MHADA To Offer Rs 7.5 Crore Luxury Flats In South Mumbai Before Diwali Sale
