The real estate sector in Mumbai is alive and kicking and this has been vindicated by the recent development at MHADA (Maharashtra Housing and Development Authority) which has garnered more than 1.64 lakh applications for 1, 384 housing units as part of its lottery scheme. This indicates the emergence of affordable housing as a key real estate segment in Mumbai and the last date for applications is 10th of December and MHADA is expecting demand to increase more.
Buyers have always been scouting for affordable homes in Mumbai according to experts which is arguably the costliest city in the country to buy property. High income groups are also interested in ready to move apartments which are priced lower than market rates which is something that MHADA is able to offer. All MHADA housing units come with clear titles which is a major boon for buyers and advertisements issued by the organization state the locality and size of properties and also whether buildings have got occupation certificates.
Properties under construction also have MahaRERA numbers which can be used by prospective buyers to view and verify other details online. The costliest apartment in this latest lottery round is an apartment for Rs. 5.80 crore situated in Cumballa Hill and in the apartment building called Dhavalgiri. This flat has already garnered more than 44 applications since the price is lower than regular flats in the building which come for anything between Rs. 6.5-7 crore. The flat offers 965 sq. ft. in terms of its area and is larger than the other MHADA apartments being offered. Other costly flats are priced at Rs. 5.13 crore and Rs. 4.99 crore respectively and these have garnered 44 and 42 applications likewise.
Lottery registration had commenced on the 5th of November, 2018 and prices have been lowered by MHADA to appeal to more buyers. 6, 500 units will be added to MHADA’s inventory over the next few years with the completion of the Pahadi Goregaon project. Goregaon is one of the major hotspots for Mumbai real estate with several prime projects like Kalpataru Brilliance, Sunteck Whatacity and Romell Umiya Grandeur situated here.