MHADA (Maharashtra Housing & Area Development Authority) has announced its lottery for 819 homes in Mumbai on the 10th of November, 2017. The prices vary from Rs.15 lakh for homes in Pratiksha Nagar in Sion to Rs.1.95 crore for homes in Lower Parel. Interested buyers can apply between the 16th of September and 21st of October, 2017. The homes are located in areas like Tunga in Powai, Pratiksha Nagar in Sion, Lower Parel, Mankhurd, Chandivali, Magathane, Siddhartha Nagar in Goregaon, Malvani-Malad and Charkop.
According to the public relations officer at MHADA, Vaishali Wagh, this will be a major attraction for buyers and a huge response is expected since these are all affordably priced housing units according to her. Several people feel that they cannot afford homes constructed by private developers and MHADA homes are the only option left.
A large number of MHADA housing units are priced lower than the market rates and hence there is sizeable demand amongst prospective buyers. Across the last 9 lotteries, more than 1.58 lakh people applied for 22, 923 homes on sale. The real estate market in Mumbai has been going through some rough times over the last few years with sales volumes dropping hugely. Real estate developers have also hiked property prices considerably over the last few years. Homebuyers have postponed buying plans, citing reasons like unaffordability and this has led to high levels of piled-up inventory in case of real estate developers which works out to around 2.67 lakh unsold homes in the Mumbai Metropolitan Region (MMR). Mumbai alone has 1.05 lakh homes out of this tally.