MHADA lottery 2024: Prices of 370 houses slashed by 10-25%

Mumbai: With the assembly elections around the corner, the Maharashtra Housing Area Development and Authority announced on Wednesday that it has slashed the prices of 370 out of the 2,030 houses allotted under its 2024 lottery by 10%-25%. The application deadline has also been extended to September 19 instead of September 4.
In a bid to appeal to the younger generation of home buyers and improve its social media presence, MHADA also launched new mascots: a young, married couple called Shri and Shrimati Nivasi (residents). At an event held at MHADA’s headquarters in Bandra East to launch the mascots, Maharashtra housing minister Atul Save said everyone dreams of owning a house in Mumbai, the country’s financial capital.
“We received many representations from people requesting us to relook at the pricing of MHADA homes, as it was said to be expensive. So, we have taken a decision to slash prices of a few homes falling under the lottery of Mumbai Board,” said Save.
MHADA officials said citizens had complained about the high prices for these units compared with the market value of regular homes. At least 24 high-income group (HIG) units priced between ₹1.90 crore and ₹7.50 crore in areas like Tardeo, Goregaon, Sion, Chembur and Andheri would now cost 10% less.
“With the decreased prices, we are passing a benefit of over ₹100 crore to the homebuyers,” said Sanjeev Jaiswal, CEO and vice-president of MHADA. “We are also introducing a mascot as we realised MHADA was falling short on social media presence despite being popular and well known among the masses. This mascot will give us a personalised touch with the homebuyers.”
The most expensive house on the list is a 1,532 sq ft flat in Tardeo, which went unsold last year, offered at ₹7.58 crore. On day one of the lottery, the housing body received 246 applications, out of which 132 applicants paid a token amount of anywhere between ₹25,000 and ₹1 lakh. Among the most sought-after apartments was a 982 sq ft flat in Powai, which was on the block for ₹1.79 crore. In the open market, a similar-sized flat in this location would cost upwards of ₹2.50 crore.
Since August 9, when the application process started, MHADA has received over 27,000 applications. More than 18,000 applicants have paid the required earnest money deposit (EMD) in order to apply for their preferred apartment.