Thursday, Apr 25, 2024 | Last Update : 03:02 AM IST
Lottery scheme gets huge response
The real estate market may be sluggish, but the Maharashtra Housing and Area Development Authority (Mhada) has received a huge demand for its Konkan board lottery, as it has got around 1.61 lakh appli
The real estate market may be sluggish, but the Maharashtra Housing and Area Development Authority (Mhada) has received a huge demand for its Konkan board lottery, as it has got around 1.61 lakh applications for its 4,275 apartments, which is the highest number of applications yet in the past three years for the Konkan region.
The number is higher than the 1.25 lakh applications received in 2015, 93,000 in 2014 and 88,000 in 2013.
The Konkan region covers Mira Road, Virar, Thane and Vengurla in the Sindhudurg district of the Konkan region. However, out of the total 1.61 lakh applicants, only 1.33 lakh applicants have done payments and only they will eligible to get houses in the lottery system.
“This proves there are buyers in the market and buyers were already there in the market before to the lottery also. However, buyers are bargaining a lot nowadays to get benefits in monetary terms. If a seller is offering ready to move in flats and is flexible in bargaining he or she can surely strike the deal. When it comes to Mhada, as the houses are already cheaper people do prefer buying homes in the lottery,” said Ajay Chaturvedi, a real estate expert.
The lottery has 329 homes in the Economically Weaker Section (EWS) segment, 2,629 homes for the Lower Income Group (LIG) segment, 1,311 homes for the Middle Income Group (MIG) group and only six homes in the Higher Income Group (HIG) segment.
“We have started the process of scrutinising each and every application and the lottery results will be announced on its scheduled date on February 24, 2016 at 6 pm on its website. Ongoing completion of the construction will be completed by March 2016 and in April or May 2016 we will give the lucky winners possession of the houses,” said an Mhada offcial.
According to Hemant Patil, public relation officer, Mhada, “We have received many applications for the 329 homes in the Economically Weaker Section (EWS) segment. The reason is because in these flats a few are available at a price between Rs 5-7 lakh.”
