Mhada Mumbai Lottery 2024 to be announced soon; unit prices under PMAY may see revision

August 2, 2024: The Maharashtra Housing and Area Development Authority (Mhada) known for providing affordable housing through computerised lottery system, has upped prices for units to be offered this year, leaving potential buyers in a bind, mention media reports. 

Recent vernac media reports reveals that Mhada’s Mumbai Board will offer over 2,000 units in the Mhada Mumbai 2024 lottery, but prices, particularly in Goregaon, have surged by over Rs 4 lakh. For example, in Mhada Lottery 2023, cost of a unit at PMAY Pahadi Goregaon was Rs 3,344,000 after deduction of Rs 2.5 lakh subsidy. This year the project cost will be over Rs 37,44,000, driven by interest capitalisation- an interest expense that is incurred when the project is being constructed. 

However, according to reports, there will be no revision on property prices on tenements offered under the HIG segment. The Mhada Mumbai Board that had offered luxury units for the HIG category in Tardeo and Juhu will continue to add units in this category in Mhada Lottery 2024. 

Note that last year, as part of Mhada Lottery 2023, catering to the HIG segment, the Mhada Mumbai Board offered 1,531 sqft unit priced at Rs 7.57 crore. Positioned as the costliest Mhada flat, this unit was located at the 19th floor of Crescent Tower, Tardeo, South Mumbai. The second costliest flat under the Mhada lottery 2023 Mumbai was also in the same building with a carpet area of 1,520 sqft and was priced at Rs 7.52 crore.  

Mhada Lottery 2024 is expected to be announced before the code of conduct is implemented, as the Maharashtra assembly elections will be held later this year.