Every time you look at those advertisements for real estate, you receive discouraged simply thinking that they are expensive. But now, the Maharashtra Housing and Area Development Authority (MHADA) has just declared almost 25% reduction in price on 370 cheap residences situated in South Mumbai. It is part of their ongoing housing lotteries for 2024; aimed at making housing affordable to bigger segments of the population.
According to the new prices some houses which were previously sold at Rs 1,60,000 will now go at Rs 81,000 while a house that cost around Rs 65,000 may be bought for as little as Rs 37000 or Rs 15000 less than what is being asked today (in mean terms).
The report will give an account on how much have dropped and what are the choices for applicants plus benefits for them who wish to buy homes.
Announcement of Discount by MHADA
MHADA has lowered costs by ten percent to twenty-five percent on three hundred seventy houses in 2024 Mumbai lottery draw. The reductions are:
(a) by 25% for Economically Weaker Sections (EWS)
(b) by 20% for Low Income Groups (LIG)
(c) by 15% for Middle Income Groups (MIG)
(d) by 10% for High Income Groups (HIG)
This is intended to help people with lower incomes buy houses in order to increase the number of citizens who possess property and hence, become homeowners in Mumbai where land costs are generally unaffordable.
Extended Application Deadline
In order to allow more people to apply in response to the rising interest, MHADA has moved the deadline for the lottery from 4th September to 19th September 2024. Now potential homebuyers will have enough time to submit their applications and also benefit from the new price cuts.
Locations to Choose from and a Marketplace Comparison
The 370 houses that have been discounted are located in some of the most expensive neighborhoods in Mumbai including Tardeo, Worli and Mumbai Central. These are areas that are much sought after because of their proximity to major business districts.
To understand the essence of the discount, look at a Tardeo flat with 1,532 sq ft costing ₹7.58 crore before a 10 percent cut brings it down to nearly ₹6.81 crore. However, during the first day of lottery draw for this dwelling alone received 132 applications indicating high demand for such properties within this residence area.
In Powai too we see how same-size new apartments were launched at first rates astral as ₹1.79 crore only for it to be really cheap now compared with what they would fetch around 2.50crores on open market sale.
| Income Group | Original Price Range | Discounted Price Range | Locations |
| EWS | ₹42.69 lakh | ₹32 lakh | Vikhroli, Powai |
| LIG | ₹50 lakh – ₹1 crore | ₹40 lakh – ₹80 lakh | Malad, Vikhroli |
| MIG | ₹1 crore – ₹2 crore | ₹85 lakh – ₹1.7 crore | Goregaon, Wadala |
| HIG | ₹2 crore – ₹7.58 crore | ₹1.8 crore – ₹6.81 crore | Tardeo, Worli, Andheri |
So Why Reduce the Prices?
This reduction in charges has been motivated by several reasons including taking into account what various individuals have commented on as well as ensuring that houses provided by MHADA are accessible to everyone.
The State Housing Minister, Atul Save noted that there had been numerous complaints from the people regarding high prices of MHADA homes. It is hoped that this will lead to a greater uptake of applications for the lottery which could make owning a home easier.
As per his statement, Sanjeev Jaiswal the CEO and VP of MHADA said that this would enable home buyers to save over ₹100 Crores. Furthermore, it is expected to boost applications since it recognizes the monetary problems confronted by most prospective buyers in Mumbai real estate market.
MHADA Lottery Applicant Process 2024
As for the 2024 MHADA housing lottery application process, anyone can use online means since there are no off-line methods allowing the submission of forms. The following steps outline how to apply for the lottery:
Visit the MHADA Website: Start by visiting their main site at housing.mhada.gov.in.
Create an Account: After filling out a registration form, sign in with your personal details.
Select Your Dream Home: Find among available houses and choose one that is easy on your pocket.
Deposit Earnest Money (EMD): This amount helps to certify your request by paying required EMD as this payment guarantees your participation in the lottery event.
Submit Your Application: After selecting and making payment for the house you desire, submit your application before last deadline September 19th 2024.
Continue Being Cost-Effective
Providing housing options that are within the financial reach of its residents, is one of the major objectives of MHADA for the people of Mumbai. The organization understands that many dwelling in cities do not have a house since prices are out of their capacity. This can also be observed as an effort aimed at helping those individuals who have had aspirations for quite a long time.
Effect of Reduced Prices on Applications
Seventy six,three hundred over twenty seven thousand applications have been submitted to MHADA throughout the process that began on August 9, 2024; wherein, more than 18,000 applicants made required EMD payment. This indicates that there is a considerable demand for cheap houses in Mumbai.
Traditionally, the lotteries administered by MHADA have attracted application volumes in excess of 1 lakh. It is anticipated that in light of the price decrease and extension of the deadline; the 2024 lottery will surpass all previous application counts.
MHADA Mascots Introduced: Shri and Shrimati Nivasi
In an attempt to reach out to younger home buyers, and also improve its presence on social media networks, MHADA has come up with two new mascots – Shri and Shrimati Nivasi. These mascots depict a young married couple who want have their own house in Mumbai.
The launch of these mascots took place during an event at MHADA’s office premises situated in Bandra East which was meant as part of a general effort to engage with younger generations and make the lottery process easier to understand.
MHADA Mascots Unveiled: Shri and Shrimati Nivasi
To connect with the younger generation of prospective homeowners while enhancing its social media presence, MHADA has released two new mascots named Shri and Shrimati Nivasi.
The two mascots portray a youthful married couple who are keen on getting their own house in Mumbai. The unveiling of these mascots took place during an event at the MHADA office premises located in Bandra East as part of an overall strategy, aimed at making the lottery process easier and engaging more with youth.
Conclusion: A Golden Opportunity for Homebuyers
This decision taken by MHADA to reduce rates on 370 residences up to 25 percent is a golden opportunity for those intending to purchase homes in Mumbai. Thanks to its prime addresses with affordable pricing, and a prolonged deadline for applying, this lottery is likely to draw multitude applicants from all over the city.
This lottery must be put into serious consideration by anyone intending to acquire land in Mumbai given its discounted prices and MHADA’s competence in building quality houses. Grab your chance now before you lose it completely of owning a home in one of the world’s most happening cities.
