The Maharashtra Housing and Area Development Authority (MHADA) is considering selling 300 to 400 unsold homes in Mumbai through a first-come, first-served system, potentially providing buyers an alternative to the traditional housing lottery.
The official announcement is expected after Diwali. The proposed initiative could make selected properties in established neighbourhoods available directly to eligible applicants, subject to the final scheme conditions.
Unsold Homes in Established Mumbai Localities
Under the plan, MHADA’s Mumbai Board is looking to offer approximately 300 to 400 homes that remained unclaimed after two earlier lottery rounds. The properties are expected to be located in Dadar, Juhu, Lower Parel and Vikhroli.
By moving to a direct-sale model, the authority hopes to find buyers for its vacant housing stock, reduce maintenance expenses and improve the utilisation of available properties.
Possible Price Cuts to Improve Affordability
MHADA is also examining ways to make the homes more competitively priced. In February, the authority had offered 118 properties through a similar first-come, first-served arrangement, but several failed to attract buyers because their prices were considered relatively high compared with market rates.
Taking this experience into account, MHADA is reportedly considering reducing administrative charges and its profit component while determining the prices of the upcoming properties. The final rates and discounts, however, are yet to be announced.
Recently, the authority reduced prices of 1,221 homes in Kannamwar Nagar, Vikhroli, by 7.5%. A comparable revision for the new inventory could improve its appeal among eligible homebuyers.
Announcement Expected After Diwali
The proposed scheme may benefit people who could not secure homes through previous MHADA lotteries. However, the final number of properties, locations, prices and eligibility requirements will be confirmed through the official advertisement.
Prospective applicants should check the authority’s announcement for details regarding payment schedules, documentation and the application procedure before proceeding.
If implemented, the initiative could provide another route to homeownership in Mumbai while helping MHADA dispose of properties that have remained unsold.
Source: Naya Maharashtra
