The skyrocketed prices of real estate in the city has made owning a flat in Mumbai a distant dream for many.
But the state-owned Maharashtra Housing and Area Development Authority (MHADA) comes to the rescue of thousands every year by providing affordable housing in the city. What makes the deal even sweeter for the buyers is the fact that the houses are offered at concessional prices which are below the market rate.
Over the last few years, the demand for MHADA’s flats has risen exponentially. Moreover, irrespective of which direction the real estate market is swaying, the development authority’s flats are always in demand.
The current set, the results of which are being announced today, includes 972 houses ranging between Rs 8.17 lakh for 261 square feet houses in Malad to Rs 83.69 lakh for a 1300 square feet apartment at Shailendra Nagar in Dahisar. Other areas where the the flats are available at cheaper rates include Kurla, Mankhurd, Borivali, Chandivali, Malad, Sion, Chembur and Goregaon.
This year MHADA will provide around 135 higher income group (HIG) units, 228 middle-income group (MIG) units, 416 lower income group (LIG) units and 190 economical weaker section (EWS) units.
A total of 1.69 lakh people have applied for the 972 homes. The individuals who manage to get the flat is decided by a computerised lottery system. Those who don’t end up getting a flat, will start getting refunds of the paid amount within 10 days of the process’ culmination.
To keep the process transparent the entire event being streamed live. “We will hold the computerised lottery system which will be overseen by a three-member committee,” said Vaishali Wagh, Chief Public Relation Officer (PRO), MHADA.
The MHADA lottery draw is being held at Bandra Reclamation area in the Rangsharda Auditorium and can be streamed live from here.Back to latest news