MHADA May Cut Prices As High-Income Group Flats See Poor Response In Mumbai Board Lottery
MHADA is considering reducing prices of high-value flats in Mumbai after poor demand left many unsold. Of 118 units under a scheme, 54 remain unsold, including older stock. Most are priced between ₹2 crore and ₹7 crore in prime areas. A final decision will follow a review of the ongoing lottery offering 2,640 flats.
MHADA May Cut Prices As High-Income Group Flats See Poor Response In Mumbai Board Lottery | Sourced
Mumbai: With several high-value flats in its ongoing Mumbai Board lottery failing to attract buyers, the Maharashtra Housing and Area Development Authority (MHADA) is considering reducing prices of select units, officials said.
The move comes after a significant number of flats, mainly in the high-income group (HIG) category, remained unsold under both previous lotteries and the “First Come, First Served” scheme. MHADA Mumbai Board Chief Officer Milind Borikar said 54 of the 118 flats offered under the scheme are still unsold, with some carried over from earlier rounds.
Officials said weak demand for premium housing priced between ₹2 crore and ₹7 crore has prompted a rethink on pricing. These flats, located in Tardeo, Prabhadevi, Juhu, Borivali and Dadar, have seen limited response.
The current lottery, announced on March 29, offers 2,640 flats across categories. A final decision on price cuts will be taken after reviewing the ongoing lottery, officials said.
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