65, 126 MHADA applicants waiting to come first in lottery race

By Realty Quarter Bureau

This year 79 applicants will be in the race for every Mhada falt being sold. Today at 6 pm selected winners for 819 apartments among the 65,126 applicants through a computerized lottery system.

PRO officer said, all the arrangements have been done and there is lot of excitement. There will be live facebook telecast this time. This year, Mhada has faced a lot of flak for pricing its flats very close to market rates, as well as seen poor response compared to the previous years. Take the cost of its 364 sq ft (carpet) houses in Lower Parel, which are priced at Rs1.42crore. This works out to be Rs39, 010 per sq ft on the basis of carpet area, and Rs23, 500 per sq ft on basis of the super built-up.

Similarly, the 476 sq ft flats in Lower Parel are priced at Rs1.95 crore, which works out to be Rs40, 966 per sq ft carpet and Rs24, 800 super built-up. In this area, the market rate is in the range of Rs38, 000 to Rs45, 000 per sq ft (carpet).

For years, homebuyers in Mumbai have applied in large numbers for Mhada houses as they have been affordable. In the last nine draws, a total of 13.58 lakh applicants tried their luck for the 22,923 flats put on the block. However, of late, pricing has become an issue.