Mumbai: The Maharashtra Housing and Area Development Authority (MHADA) has launched its 2024 lottery, offering a total of 2,035 flats, including 1,327 newly constructed units and 708 remaining from last year’s inventory.
This initiative has sparked significant interest due to the substantial discount on these properties, which are priced 40-50% below prevailing market rates. The lottery, which opened on Friday, is a key opportunity for those seeking affordable housing in Mumbai. This year’s offering follows MHADA’s policy to issue a lottery when unsold inventory exceeds 1,000 flats. The previous lottery, held last winter, featured 4,000 flats.
The most premium unit available is a 1,532 sq. ft flat in Tardeo, priced at INR 7.58 crore. On the very first day of the lottery, MHADA received 246 applications, with 132 applicants making token payments ranging from INR 25,000 to INR 1 lakh. Among the most sought-after properties is a 982 sq. ft flat in Powai, listed at INR 1.79 crore. In comparison, similar flats in the open market in Powai are priced above INR 2.50 crore, highlighting the significant savings available through the MHADA scheme.
A MHADA spokesperson noted that the Powai flat is one of 91 newly constructed units designated for the High-Income Group (HIG), with an additional 105 units available in Pahadi Goregaon (W). The lottery encompasses a range of categories: 2 BHK units in the Middle-Income Group (MIG), 1 BHK units in the Lower-Income Group (LIG) and Economically Weaker Section (EWS), and larger 3 BHK units in the HIG category. The pricing varies significantly based on location and category, with EWS flats starting from INR 38 lakh and HIG units in prime areas like Juhu and Tardeo reaching upwards of INR 7 crore.
Eligibility for the lottery is income-based: applicants with a minimum annual family income of INR 6 lakh qualify for EWS, INR 9 lakh for LIG, INR 12 lakh for MIG, and those earning above this threshold are eligible for HIG. Notably, the income considered is that of the applicant and spouse, excluding the income of parents or siblings. Applications for the MHADA lottery 2024 will be accepted until September 4, with the results slated to be announced on September 13 at 11 am.
