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CIDCO’s housing lottery gets 11K applicants in first week

Within the first two days of the announcement, over 5,600 applications were received till Thursday evening.

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Over 5,600 applications were received by CIDCO till Thursday evening
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In the first week itself, CIDCO's lottery for 1,100 homes in 11 projects spread over five nodes of Navi Mumbai has seen a great response with the total number of applications reaching 11,054 by Sunday night. Within the first two days of the announcement, over 5,600 applications were received till Thursday evening.

Shirish Deshpande, the chairman of Mumbai Grahak Panchayat, an apex consumer body from Mumbai says that the response for the CIDCO and MHADA homes is an example that people are ready to buy homes only when they consider the prices are affordable. "No one will disagree with the fact that, the prices of CIDCO and MHADA homes are less than the market rate. Developers who say that there isn't a home buyer market right now need to realise that, the prices they are offering isn't reasonable and they need to reduce it and bring it to a level at which home buyers will buy it. There are many unsold homes in Mumbai, and nearby regions, but then the home buyer still doesn't consider the prices affordable and hence these homes are lying vacant," he said. 

There are lakhs of homes in Mumbai Metropolitan Region that are lying vacant, and many developers are unable to find takers for them. However, every time a government body like MHADA and CIDCO holds a lottery the rush to buy these homes is tremendous. 

CIDCO on Tuesday announced the dates for the lottery of 1,100 homes and opened registration for this lottery. These homes are located in areas like Taloja, Kalamboli, Kharghar, Ghansoli and Dronagiri. While close to 75 homes are in the Economically Weaker Section, the remaining are in the Lower Income Group. The prices for the EWS homes are Rs 18.03-18.42 lakh, the price of those in the LIG category is between Rs 25.06 to 26.35 lakh. The area of the EWS homes is 25.89 sq mts, while that of the LIG homes are 29.82 sq mts. The lottery is of homes that didn't find a taker in the previous lottery held by CIDCO in 2018. Hence, CIDCO has decided that, those who had registered in the previous lottery, will now need not to register fresh and can use the same login and password for filing their applications. 

In CIDCO's August 2018 lottery for 14,838 homes, around two lakh applicants had participated. In December 2018, MHADA's Mumbai Board's lottery of 1384 homes attracted 1.64 lakh applications. This, housing experts say, is a clear example of that home buyers are ready to buy homes if they are offered at a rate that they consider affordable.

PAST RECORD

In CIDCO’s August 2018 lottery for 14,838 homes, around two lakh applicants had participated

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