Home buyers hit over 50% dip in MHADA lottery movehttps://indianexpress.com/article/cities/mumbai/home-buyers-hit-over-50-dip-in-mhada-lottery-move/

Home buyers hit over 50% dip in MHADA lottery move

Housing board’s annual draw of affordable houses will be less than half as compared to last year.

IN a disappointment for many prospective home buyers awaiting the housing board’s annual draw of affordable houses,the number of homes put up for sale this year will be less than half as compared to last year. Maharashtra Housing & Area Development Authority (MHADA) had earlier hoped to release more than 2,400 houses in Virar this year along with the houses in Mumbai,which would be at least 1,002.

However,the housing board decided against releasing the houses in Virar after a meeting of senior officials on Thursday.

“We had intended to include the houses in Virar in this year’s lottery,but there are issues related to the permissible height of the building there because of which we are not able to utilise the complete FSI,” said Satish Gavai,MHADA vice chairman and chief executive.

The development control regulations of that area restrict the height of the building to 14 floors. To use the complete FSI,MHADA will need to build 22 floors,Gavai said,adding the housing board had requested the state government to relax the height restriction.

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“We don’t want a situation where we have sold the flats in the lottery and then the project gets stuck or the pricing changes if the height of the building changes,” said Gavai.

Last year,MHADA had conducted a draw for 2,593 houses,with 867 of them in Mumbai and the rest at Mira Road,which comes under its Konkan board.

Due to the hurdle in the Virar project,the Konkan board will not have a lottery,leaving at least 1,002 houses in the Mumbai board.

The price of flats to be sold in this year’s MHADA lottery is likely to be finalised next week.