MHADA to sell 250 commercial shops in South Mumbai via lottery

MHADA to sell 250 commercial shops in South Mumbai via lottery 1
Representational Image. Courtesy: Shopsandhomes.com

Maharashtra Housing and Area Development Authority (MHADA) is set to sell around 250 commercial shops, a majority of which are located in South Mumbai, in the coming weeks. The remaining shops are spread across the eastern and western suburbs.

According to Asian Age, MHADA plans to make between Rs 50 and Rs 100 crore in revenue from the sale.

“The shops would be sold via the lottery system, and we are carrying an internal survey as to how many shops are in stock with us. After the survey is over, we’ll come to know more details, but we are expecting to generate between Rs 50 crore and Rs 100 crore in revenue by selling these commercial shops,” a MHADA official told the daily.

The details about the sale, as always, will be announced through conventional media outlets and put up on MHADA’s website.

While the state-run body specializes in low cost homes in Mumbai and other parts of the state, it is not the first time it has put up commercial shops on sale.

Back in 2010, MHADA had reportedly auctioned 168 shops, 99 of which were located in Pratiksha Nagar in Sion. The others were located in Chembur, Goregaon, Dahisar, Malad and Andheri areas.

At the time, the property was sold at Rs 5.28 lakh for a 65 sq.ft shop and Rs 23 lakh for a 286 sq.ft shop at Andheri East.

Other than selling commercial shops, MHADA will soon start constructing around 4,000 houses for the Lower Income Group (LIG) and Middle Income Group (MIG) on a 15-acre plot at Goregaon Link Road.

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