Home buyers who are looking for affordable homes in one of the most expensive property market, Mumbai, would get a chance to grab an affordable home, all thanks to the Maharashtra Housing and Area Development Authority (Mhada).
There will be approximately 1,000 units spread across localities such as Borivli, Ghatkopar, Mulund, Mankhurd, Goregaon, and Vikhroli when the Mhada started the process to sell affordable homes in the first week of July.
What makes this year’s scheme more profitable is the fact that the agency will be offering certain homes at 30-70 percent of the ready reckoner (RR) rates. These are the units which have been surrendered by allottees of previous schemes.
Units meant for the high-income group will come for 70 percent of the RR while homes meant for the middle-income category will cost buyers 60 percent of the RR rate. Flats meant for the low-income category will be sold at 50 percent of RR while units meant for economically weaker sections (EWS) will be sold at 30 percent of the ready reckoner rate.
While charges of properties offered by the Mhada are reasonably lower, experts were of the opinion the agency must rationalize prices.
Usually, the Mhada conducts the process in May. Officials attribute the delay this year to the reduced number of properties that would be sold through the lottery system. The final date of the lottery is expected to be announced by October-end.
What is the process?
If you are 18 years of age, have been living in Maharashtra for the past 15 years and do not own a residence from the Mhada (neither you nor your spouse or children), you could apply for the new units.
As the entire process is online, buyers have to log on to http://lottery.mhada.gov.in. For registering on the site, buyers have to provide all personal and income-related particulars.
After filling the application form, depending on the income group, buyers have to pay the earnest money deposit. This payment could be made through various payment modules such as demand draft, debit card, credit card, and internet banking.
To fill the online application form, buyers have to pay a non-refundable Rs 336 charge.
The Mhada has set up a help center named Mitra at its Bandra East Office where the applicant can seek information regarding the scheme.
