Mumbai: In response to tepid public interest, the Maharashtra Housing and Area Development Authority (Mhada) has announced a 7.5% price reduction for the sale of 1,221 flats in Vikhroli, ahead of its upcoming housing lottery scheduled for June 5. The price cut effectively lowers the cost by approximately Rs 10 lakh per flat.
Revised Pricing Details
Originally priced between Rs 1.45 crore and Rs 1.48 crore, the flats in Kannamwar Nagar, Vikhroli, will now be available at a revised range of Rs 1.35 crore to Rs 1.37 crore. This reduction aims to attract more applicants after previous lotteries saw dwindling participation.
Reasons for Poor Response
Public response to Mhada housing lotteries has been lackluster in recent years, primarily because the once-affordable flats are now sold at market rates. Prospective buyers have expressed that private developers offer superior construction quality and amenities for similar price points, making Mhada's offerings less competitive.
The authority hopes that the price cut will revive interest among homebuyers and ensure a successful lottery draw. The revised rates are expected to make the flats more accessible to middle-income families in the Mumbai metropolitan region.
