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MHADA lottery: With price slashed, citizens rush to own a home in financial capital
Of the 1.97 lakh applicants, 1.64 lakh have paid Earnest Money Deposit (EMD) to MHADA.
Updated : Dec 13, 2018, 06:35 AM IST
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Maharashtra Housing and Area Development Authority's (MHADA) Mumbai board has received an overwhelming response this year after it announced a lottery of 1,384 houses. For its upcoming housing lottery, the applications for which closed on December 10, the housing authority has received more than 1.97 lakh applications. The figure is way higher than last year, where around 56,000 people had applied for around 819 homes. Of the 1.97 lakh applicants, 1.64 lakh have paid Earnest Money Deposit (EMD) to MHADA.
The humongous response can be attributed to reduced prices of MHADA houses. Flats at Lower Parel that were sold for Rs 1.42 crore in the previous lottery are now being sold at Rs 99 lakh, while the flats that were sold for Rs 1.96 crore will be sold at around Rs 1.36 crore.
"The response has been good, and mostly it is because of the lowering of the prices of the home," said a senior official of MHADA.
Hit by poor sales, the housing authority had decided to lower the prices of its houses this year. In November last year, the authority had put up 36 homes in Lower Parel area on sale, while two flats were sold at Rs 1.96 crore each, the remaining 34 were sold at Rs 1.42 crore each. However, of the 36 lottery winners, 29 had gen away their claim on the flats.
However, this lottery also has the costliest ever flats sold by MHADA. Three flats located in the building Dhavalgiri in Cumbala Hill are priced at Rs 5.80 crore, Rs 5.13 crore and Rs 4.99 crore, and the housing board has received more than 130 entries for them, claim officials.
MHADA rates are lower than the market rate even in the expensive segment. According to brokers, the flats in Dhavalgiri would cost between Rs 6.5 crore to 7 crore otherwise. Thus, people have responded in large numbers.
The lottery was announced on November 5 and December 10 was the last date for applying for the lottery. The final list of accepted applicants will be out soon and the lottery will be held at the MHADA office on Sunday. Recently, the chairman of MHADA's Mumbai Board wrote a letter to the vice president and CEO of MHADA, asking him to reduce the prices further. However, his proposal couldn't be accommodated this year.
