MHADA's prices in Lower Parel and Powai are more or less similar to what is available in the market.
Rubbishing the belief that Maharashtra Housing and Area Development Authority (MHADA) has set unreasonable prices for some of the flats in its annual lottery of 'affordable homes', two of the most expensive flats – priced at Rs 1.95 crore each at Lower Parel — have found more than 40 takers. And there is still a month left for submission of applications for the lottery to close.
Over 111 people have shown interest in buying 34 flats priced at Rs 1.42 crore each in Lower Parel. More than 330 people have show ninterest in the 168 flats that are going for Rs.1.39 crore each in Powai. MHADA's prices in Lower Parel and Powai are more or less similar to what is available in the market.
MHADA sources claim that in many cases, the number of applications received for flats that cost upwards of Rs. 1 crore are higher than that for flats below the Rs.1 crore mark. Applications for the lottery can be submitted till the last week of October; the lottery will be held on November 10.
In mid-September, MHADA came up with a lottery for 819 homes spread across Mumbai. The list included homes for the High Income Group and only eight homes for the economically weaker section. It received flak for selling expensive flats despite being a government agency that aims to develop affordable housing.
Explaining why people are showing interest in the MHADA homes at Lower Parel despite their price tag, Dr. Samantak Das, chief economist and national director — research, Knight Frank India, said, "Many people would like to invest here because at this ticket size, flats aren't available in the market."
Hardly any new 1 bedroom flats that are available in south Mumbai. MHADA is offering a nearly 450-square foot apartment, fit for a nuclear family.
Confirming the figures, Subhash Lakhe, chief officer of MHADA's Mumbai Board, said, "We were always hopeful that the Lower Parel homes will have a good response, or for that matter, all the homes receive good response. Our prices aren't high and that's what we were trying to clarify to all those speaking otherwise."
Lottery price
The two flats in Lower Parel are priced at Rs 1.95 cr each
Over 111 interested in buying 34 flats priced at Rs 1.42 cr
More than 330 people interested in 168 flats going for Rs.1.39 cr
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