The Maharashtra Housing And Area Development Authority (MHADA) has received an overwhelming response for its lottery of over 4,000 homes in the Mumbai real estate market. The number of applications for these affordable homes has reached close to 1 lakh, indicating an extremely competitive scenario in the housing market.
Since the announcement of the lottery on May 21, MHADA has received over 97,000 applications, with the deadline for submission set for July 10. Surpassing all expectations, more than 70,000 applicants have already paid the earnest money deposit (EMD) for their desired flats, showcasing the keen interest of potential homeowners.
Of the total homes available, a staggering 93 percent have been earmarked for the Economically Weaker Section (EWS) and the Lower Income Group (LIG), reflecting MHADA’s commitment to providing affordable housing options. The remaining units are allotted for the Middle Income (MIG) and High-Income Group (HIG) categories.
The prices of these apartments range from Rs 24 lakh to an astonishing Rs 7.57 crore, offering a wide spectrum of choices for aspiring homeowners. The carpet area of the flats varies from 204 sq ft to 1,500 sq ft, ensuring an array of housing options to suit different requirements.
Out of the 4,000 homes up for grabs, the majority, i.e., 2,790, are designated for the EWS category, followed by 1,034 for the LIG category, 139 for the MIG category, and 120 for the HIG category. Moreover, as part of the flagship Pradhan Mantri Aawas Yojana (PMAY), 1,947 apartments in the EWS category are being sold.
The apartments are spread across various areas in Mumbai, including Vikhroli, Antop Hill, Goregaon, Dadar, Wadala, Andheri, Kandivali, Malad, Byculla, Tardeo, Juhu, Chembur, Powai, Chandivali, and Sion. MHADA officials have also indicated plans to introduce more apartments under the MIG and HIG categories in the coming years.
The cheapest apartment available is a compact 204 sq ft unit in Chandivali, near Powai, offered at Rs 24.71 lakh. In contrast, the costliest apartment is a spacious 1,500 sq ft unit located in Tardeo, South Mumbai, commanding a substantial price tag of Rs 7.57 crore.
The immense response to the MHADA lottery underscores the urgent need for affordable housing in Mumbai and the determination of prospective homeowners to secure a place of their own. As the deadline for applications approaches, the competition is expected to intensify further, making the selection process even more challenging for participants.
MHADA’s commitment to addressing the housing needs of different income groups through this lottery is commendable. The success of this initiative reinforces the importance of similar affordable housing schemes to cater to the growing demand in Mumbai’s real estate market.
