The Maharashtra Housing and Area Development Authority (MHADA) is ready with 4,000 affordable homes that will be up for grabs in March 2023. MHADA sells affordable homes by lottery in cities like Mumbai, Pune, Nashik, Aurangabad and Nagpur.
For the first time in the history of MHADA, it has announced that going ahead its projects will include a slew of homebuyer-friendly amenities like swimming pools, gyms, club houses, yoga centres, and balconies (or sky decks if you please). These will be available to those who purchase middle-income group (MIG) and higher-income group (HIG) apartments.
Along with this, all new MHADA projects will include solar panels and parking for electric vehicles (EV).
These amenities are being offered to make MHADA flats comparable to those offered by private developers.
Also read: MHADA to conduct lottery for more than 4,000 affordable homes in Mumbai
Here are 10 things that you must know about the upcoming lottery and the amenities that the housing scheme will offer.
1: 65 percent EWS, LIG homes:
According to MHADA, about 65 percent of the homes in the upcoming lottery will be for economically weaker sections (EWS) and the lower-income group (LIG). Of the roughly 4,000 units up for sale, at least 2,600 will be for these two categories.
2: Amenities:
The project will have solar panels for powering up common areas, and 20 percent of the parking will be reserved for EVs. However, the rest of the amenities will not be available in the upcoming lottery considering that projects that include such perks will be ready only in the next two years.
Also read: The case of Mumbai’s disappearing balconies—and their reappearance 3: Income slab:
The income slab for the EWS category is Rs 6 lakh per annum for those residing in the Mumbai, Pune, and Nagpur metropolitan regions, and Rs 4.5 lakh for the rest of the state. For the LIG category, the income slab is Rs 9 lakh for the Mumbai, Pune and Nagpur metropolitan regions, and Rs 7.5 lakh for the rest of the state. The slab for the MIG category is Rs 12 lakh per annum, while it is over Rs 12 lakh per annum for the HIG category, across the state in both cases.
Also read: Maharashtra government revises income slabs for buyers of affordable homes 4: Size of the apartments:
The 1BHK (bedroom, hall, kitchen) apartment in the EWS and LIG categories will have a carpet area of 330 and 480 square feet (sq ft), respectively. The 2BHK MIG flats will have a carpet area of 794 sq ft, while 3BHK HIG flats will have a carpet area of 979 sq ft.
5: Pricing:
According to MHADA, the pricing of the flats has not been finalised yet. But tentatively, they’re looking at charging about Rs 35 lakh for EWS flats, Rs 45-50 lakh for apartments in the LIG category, Rs 60-70 lakh for MIG flats, and Rs 90 lakh to 1 crore for HIG apartments.
6: Who can apply?
According to the criteria set by the MHADA, any Indian citizen who does not own a flat in Mumbai can apply for one in the upcoming lottery. Thus, even those who already own a home in a city like Pune, Nashik, Nagpur, etc., can apply.
7: How to apply?
According to MHADA officials, citizens will be able to register online. Once applicants register, he / she will have to submit documents including Aadhar card, PAN card, proof of income, etc. Post verification, applicants will be eligible to participate in lotteries organised by MHADA.
8: Can you sell a MHADA apartment?
According to the rules of Maharashtra government, one can sell one’s MHADA home purchased via lottery five years after acquiring it.
9: Is it worth buying?
MHADA is slated to sell 2,600 homes spanning 70,000 square metres in the Goregaon (west) area of Mumbai.
According to local brokers, a 1BHK flat in Goregaon (west) with a carpet area of 400-500 sq ft costs around Rs 1-1.50 crore, while a 2BHK flat with a carpet area of 600-700 sq ft costs Rs 1.50-2.50 crore. A 3BHK apartment costs above Rs 2.50 crore.
10: What is the rental value?
Brokers say the rental for a 1BHK could range between Rs 25,000-35,000, while for a 2BHK it could be about Rs 40,000-50,000. The rental for a 3BHK would be between Rs 55,000-80,000.
Also read: Housing Affordability: Cities with highest and lowest rental yields
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