The Maharashtra Housing and Area Development Authority (Mhada) has announced a 7.5% reduction in the price of 1,221 flats in Vikhroli for its upcoming lottery scheduled on June 5. This decision comes in response to poor public interest in recent housing lotteries.
Price Reduction Details
The price cut effectively reduces the cost of each flat by approximately Rs 10 lakh. Initially, the flats in Kannamwar Nagar, Vikhroli, were priced between Rs 1.45 crore and Rs 1.48 crore. With the reduction, the new price range settles at Rs 1.35 crore to Rs 1.37 crore.
Reasons Behind Poor Response
Public response to Mhada housing lotteries has been declining in recent years. Once considered affordable, these flats are now sold at market rates, making them less attractive to prospective buyers. Many potential buyers argue that private builders offer better construction quality and amenities for the same price point.
This trend has forced Mhada to reconsider its pricing strategy to attract more applicants. The authority hopes that the reduced prices will generate renewed interest in the lottery.
For comparison, buyers can check current gold and silver rates in Mumbai, bank holidays, public holidays, air quality index, and weather updates in the city.
