In a welcome twist for home-buyers, MHADA slashes flat prices by up to 25% and extends application deadlines, offering 2030 affordable homes through a draw of lots
In a relief to potential home-buyers, the prices of Maharashtra Housing Area Development and Authority (MHADA) houses, which have hit the roof in recent times, have now been slashed between 25 per cent to 10 per cent, based on income categories.
The MHADA has announced a draw of lots for the sale of 2030 flats. To give relief to home-buyers, it has now decided to reduce the prices and also extended the application period.
According to MHADA, the prices of houses under 33/5 and 33/7 will come down. For Economically Weaker Sections, the price of small houses will be reduced by 25 per cent, for Low Income Groups, the prices will be reduced by 20 per cent, for High Income Groups it will be reduced by 10 per cent.
The last date for submission of MHADA’S house applications was earlier fixed on September 4. Now, the deadline for the MHADA Mumbai lottery has been extended till September 19.
For the MHADA lottery, there were income-wise groups of very low (Rs 6 lakh), low (Rs 9 lakh), medium (Rs 12 lakh), and upper income group (more than Rs 12 lakh). However, the price of a small house in Worli was Rs 2,62,15,539. Hence, it became difficult for those earning Rs 9 lakh per annum or Rs 75,000 per month to afford these houses.
Small-scale houses in Wadala Prabhadevi and Lower Parel were in the range of Rs 1.5-2 crore. The city’s 89 homes have been made available for draw. Kopri Powai has houses worth Rs 1.57 crore. In the last draw, some houses were made available from the Repair Board, at which time the prices of these houses were high.
Seven houses in Taddeo were worth Rs 7.5 crore. None of the seven homes were sold in the 2023 draw as the price was unaffordable even for the upper group. The house has been re-included in the draw this time.
There are houses under this scheme in Goregaon. Last year, the prices of these houses was Rs 30 lakh. This year, the price has been fixed at Rs 34 lakh.
The price of houses in Mumbai are worth crores of rupees. The market value of those homes is double the ready reckoner rate. The prices of houses built by private builders are high. Therefore, their houses are not affordable to ordinary residents of Mumbai.
