MHADA slashes prices of some units under ongoing lottery, extends registration deadline

The Maharashtra Housing and Area Development Authority (MHADA) has announced that prices of 370 of the 2,030 houses listed in the ongoing lottery process for Mumbai will be reduced by 10 to 25 percent. Further, the authority has also announced that it is extending the deadline to register for the lottery to September 19.

MHADA, Maharashtra's nodal agency for the supply of affordable housing, conducts lotteries for housing stock through its regional boards, such as for Mumbai, Konkan, Pune, and others. The application process for the ongoing lottery in the Mumbai board was scheduled to close on September 4.

At an event held on August 28 to launch MHADA's mascot, the authority's vice-president and CEO Sanjeev Jaiswal said that the 370 houses, whose prices will be slashed, were obtained from the redevelopment of MHADA layouts, as well as those from the redevelopment of old and dilapidated buildings, known as "cess" buildings, primarily located in Mumbai's island city. Other sources for houses under the MHADA lottery include buildings constructed by the authority itself.

Of the 370 homes, 226 are classified for the economically weaker section and low-income group applicants, the prices for which will be reduced by 25 percent for the economically weaker section homes, and 20 percent for the low-income group homes. Prices of the 118 homes under the middle-income group category will be reduced by 15 percent, while the 24 high-income group units will be cheaper by 10 percent.