Mumbai: MHADA to sell Cumbala Hill home for Rs 5.80 crore

Nov 04, 2018, 14:40 IST | Chetna Yerunkar

Even as last year's expensive homes remain unsold, Maharashtra state housing authority decides to up its price for city flats

Mumbai: MHADA to sell Cumbala Hill home for Rs 5.80 crore

The Maharashtra Housing Area and Development Authority (MHADA) will sell a house in the plush Cumbala Hill area at a breathtaking price of Rs 5.8 crore - the costliest house to be put out in lottery by the authority. The remaining two houses in the area have been priced at Rs 5.14 crore and Rs 4.99 respectively. This comes at a time when citizens are returning overpriced houses, prompting the agency reducing its cost price.

MHADA on Saturday announced that the annual lottery's advertisement will be out on November 5 and the application process will go live for 1,384 houses on the same day. The lottery will take place on December 16. The lottery will have two houses, measuring 965 sq ft, priced at Rs 5.80 crore. The authority has 63 houses for the economically weaker section (EWS) whose earnings are less than Rs 25,000 per month. Those whose income ranges between Rs 25,000 and Rs 50,000 per month can apply for 926 houses.

Uday Samant, president of MHADA, said, "These houses could have cost the citizens Rs 8 crore, but due to our pricing policy that it will cost Rs 5.8 crore to the citizens. We are hoping that a good number of people will apply. Our minimum cost of the house for the EWS is around Rs 14.61 lakh."

MHADA is expected to collect a revenue of Rs 587.11 crore through this lottery, but officials said the agency won't profit as it has spent equal amount on the houses. The Lower Parel home that MHADA had put up for sale for Rs 1.9 crore last year, will again be a part of the lottery this year. It will be sold for Rs 1.36 crore.

Also Read: Mumbai Crime: MHADA engineer caught taking Rs 20,000 bribe

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