Record 1.35 lakh buyers sign up for 972 MHADA Homes
The houses that are being offered under this lottery are in the price range of Rs 8.20-84 lakh in Mumbai's suburban locations, including Borivali, Dahisar, Goregaon, Malad, Mankhurd, etc.
Aug 02, 2016
Source : ET


MUMBAI: The Maharashtra Housing and Area Development Authority (MHADA) has received over 1.35 lakh applications for its 972 houses being sold through a lottery. The overwhelming response only reiterates the pent-up demand for affordable housing in India's commercial capital. 

The houses that are being offered under this lottery are in the price range of Rs 8.20-84 lakh in Mumbai's suburban locations, including Borivali, Dahisar, Goregaon, Malad, Mankhurd, Chembur, Kurla and Powai. These residential units are spread over 180 sq ft to 800 sq ft. 

"Response to our housing lotteries is usually strong, given the shortage of affordab le homes in the city . However, this lottery has surpassed all earlier records with over 130 times response. Mhada enjoys a certain trust when it comes to land title and other permissions related to the project and the response does underline that," said Vaishali Wagh, Mhada spokesperson, while confirming the development. 

The surge in the number of applications underlines the mismatch in supply and demand for affordable homes. Realtors believe that public-private partnership models can be explored to bridge this gap. 

"Demand from first-time buyers for midincome and affordable housing projects is strong and will continue to be that way . If there's a perceived lull, it's only because of a confidence deficiency and price factor of large-sized luxury apartments. Huge defi cit in supply of affordable houses in Mumbai can be filled through joint efforts by the government & private developers," said Za heer Memon, partner, Zara Habitats, that focuses on smart-sized homes wit hin Mumbai island city.

While the last date for submission of applica tions for the lottery was July 25, the number of applicants is still moving up as the demand drafts submitted by them are get ting realised through ban The lottery will be held on king channels. The lottery will be held on August 10. 

This is the third housing lottery being conducted by Mhada so far this year. With this, Mhada has offered a total of 7,695 affordable homes to citizens. Earlier, two lotteries included 4,275 units in February and 2,634 units for mill workers. The February lottery had also received 1.10 lakh applications then. 

According to property consultants, the government's decision to allow first-time home buyers an additional deduction has bolstered the demand for affordable homes further. With the recent announcement, first-time homebuyers can avail of additional deduction of `50,000 paid for a loan amount less than Rs 35 lakh and for a house value less than Rs 50 lakh. 

The government has been making efforts to increase the supply of affordable housing units in order to achieve its vision of `Housing for All by 2022'. 

Latest Realty News

Jul 26, 2016
The underwriting practices of lenders are vital to controlling credit risk in India's affordable housing loans segment, which is set to grow strongly over the next few years as the government tries to increase home ownership among underprivileged groups, says Moody's Investors Service.
Jul 23, 2016
NOIDA: Possession of 50,000 flats is slated for this year-end in Noida Extension but lack of infrastructure and amenities like streetlights, roads, security, water connections and power supply is set to delay the handover.
Jul 22, 2016
New Delhi: Over 40 per cent of the houses allotted by the DDA under its Housing Scheme 2014 have been surrendered or cancelled with some allottees complaining about the size of the flats and locality, the government on Thursday said.
Jul 20, 2016
New Delhi: The Supreme Court on Tuesday directed estate major Supertech to deposit Rs five crore in its Registry as part of a refund to homebuyers for a project. The Allahabad High Court had in the project ordered demolition of twin towers of Emerald Court in Noida, adjacent to the national capital.
Jul 19, 2016
Gandhinagar: The Gujarat government plans to make property cards compulsory for some 1.25 crore properties in urban areas - the state's eight municipal corporations and all its municipalities. Right now, less than 20% of property-holders have a property card as the Record of Right (RoR), the key document to ascertain ownership title for the property.
Jul 18, 2016
Pramod Kumar lives on rent in a metro and wants to buy an apartment. Recently, he came across an ad for homes available under a 15:75:10 payment plan. Also known as subvention schemes, these are bank financing for home loans, where the borrower pays only 15% of the property value at the time of booking. The lender pays 75% at various stages of project completion and the borrower pays the balance 10% at possession. There is also a No EMI for 24 months offer. Should Kumar opt for it?
Jul 15, 2016
CHANDIGARH: The Centre has made a provision of Rs 66.65 crore for Haryana under the Pradhan Mantri Awas Yojna for 2016-17.
Jul 13, 2016
Following the NDA government’s “Ease of Business” mantra, the environment ministry has proposed that the entire construction sector could be exempted from mandatory environmental clearances
Jul 08, 2016
MUMBAI: Rising affordability concerns and a sluggish job market continued to push home prices downwards, according to a report released by Nomura. At all-India level house price inflation continued to moderate at a fast pace and eased to its lowest recorded level of 5.2% in Q1 2016, as per the Reserve Bank of India's housing price index (HPI). House price inflation was recorded at 9.8% in Q4 2015.
Jul 04, 2016
The state police has directed police stations across Maharashtra to register complaints against errant builders who cheat flat buyers and violate building norms. Housing experts have welcomed the move--termed by CM Devendra Fadnavis as "a good decision" -but which the real estate industry finds 'disturbing'. In a circular issued last week, special inspector general of police Prabhat Kumar instructed police commissioners in the state to take action according to the provisions of law when people f

Latest Realty News Of State

Realty Talk's