The number of houses for sale in Mumbai as part of the state housing authority’s annual lottery of affordable houses has dwindled this year as compared to a year ago. The apartments, though at a discount to the soaring market prices, will be just as costly as they were last year.
This year, the Maharashtra Housing and Area Development Authority (MHADA) will release at least 814 houses across various income categories with the costliest house being a largish apartment in Dahisar having a carpet area of 871 sq ft and a ticket size of nearly Rs 95 lakh.
With a shrinking land bank in Mumbai, the state housing board has been able to release few houses for sale in its annual lottery over the past three years. Last year, MHADA sold 1,244 houses with the costliest flat priced at Rs 75.22 lakh for a carpet area of 476.74 sq ft at MHADA’s under-construction colony in Tunga, Powai.
Niranjankumar Sudhanshu, chief officer of the Mumbai board, said, “There are 64 houses across different income criteria in Pratiksha Nagar that may also be included in the lottery. We will take a decision on it.”
Of the 814 houses that have currently been finalised, there will be 297 houses for the Economically Weaker Section (EWS) at Mankhurd and Old Magathane in Borivali. Similarly, the authority will sell 207 houses in Kurla for the lower-income group (LIG) and 245 houses at Dahisar, Santacruz and Powai for the higher-income group (HIG). However, there will be only 65 houses for the middle-income group (MIG).
If MHADA decides to include the 64 houses in Pratiksha Nagar, there will be 26 houses more for EWS, 19 for LIG,10 for the MIG and nine for HIG.
This year, 86 houses meant for HIG at Shailendra Nagar in Dahisar will be the costliest in terms of the overall price. However, the per sq ft rate for these houses comes to roughly Rs 10,900. “The price of these houses has not been finalised, but it is likely to be roughly around Rs 95 lakh,” Sudhanshu said.
In terms of the rate per sq ft, the 108 flats for the higher-income category at Tunga, Powai, will be the costliest at Rs 75.2 lakh for a carpet area of 476.74 sq ft, effectively amounting to Rs 15,779 per sq ft.
Similarly, MHADA’s flats for HIG at Kole Kalyan in Santacruz also seem costly with an overall ticket size of Rs 74.16 lakh for a carpet area of 739 sq ft. However, with a per sq ft rate of Rs 10,036, the houses have been priced considerably cheaper than the locality’s market rate, which hovers around Rs 15,000 per sq ft that developers apply to the built-up area.
While the authority is planning to advertise for the lottery this month before the election code of conduct sets in, the draw will be held as every year on May 31.