MHADA lottery to include agency’s most expensive flats at Rs 5.8 crore each

The costliest flats on offer this year are in Dhavalgiri building, Cumballa Hill, measuring between 965 sqft and 1,000 sqft. (Express photo)

THE Maharashtra Housing And Area Development Authority’s (MHADA’s) 2018 lottery for flats, to be conducted in December, will include the housing agency’s most expensive offerings — three flats in south Mumbai that have been pegged at Rs 5.8 crore each. On Saturday, the agency announced dates for the Mumbai Board’s annual lottery of flats.

Most of the tenements up for grabs this year are under the Economically Weaker Section (EWS) and Lower Income Group (LIG) categories, with 989 homes under both these categories together. For the Middle Income Group (MIG) applicants, there are 201 flats, and 194 flats are there for the Higher Income Group (HIG) applicants.

The maximum monthly salary of a household seeking to apply for an EWS house cannot be more than Rs 25,000. For LIG homes, the slab is between Rs 25,001 and Rs 50,000. For MIG homes, the monthly salary has to be Rs 50,001 to Rs 75,000, and above that is for HIG homes.

The costliest flats on offer this year are in Dhavalgiri building, Cumballa Hill, measuring between 965 sqft and 1,000 sqft. The price fixed by the agency for the three flats is Rs 5.8 crore each. lt is the highest price in the history of the MHADA lottery.

Addressing a press conference, MHADA President Uday Samant said on Saturday that a total of 1,384 homes will be in the Mumbai Board lottery of 2018. “The results of the lottery will be declared on December 16, 2018,” he said. Applicants can start registration from November 5. The last date for registrations is December 10.

Speaking about the flats priced at Rs 5.8 crore, the MHADA president said, the flats are cheaper compared to the current market rate in the locality around Grant Road. “If you go by the Ready Reckoner Rate in the circle, the price of a flat will be up to Rs 8 crore,” he said.

Last year, the MHADA lottery had 36 flats priced between Rs 1.2 crore to 1.92 crore — the highest price put on lottery by MHADA.

The EWS flats have a price band of Rs 14 lakh to Rs 20 lakh, the LIG homes will cost between Rs 20 lakh and Rs 30 lakh while the MIG homes prices have been fixed at Rs 35 lakh to Rs 60 lakh. The HIG homes are priced Rs 60 lakh and more.

More than 50 flats in the HIG category are in the price band of Rs 99 lakh to Rs 5.80 crore. It includes 28 flats that were returned by winners of the 2017 lottery — all in Lower Parel division — whose prices have now been slashed by almost 20 per cent since last year.