Well, its good news for those seeking affordable houses in Mumbai. The Maharashtra Housing and Area Development Authority (MHADA) has scheduled a lottery for some houses!
On 10th November, MHADA has scheduled lottery for 819 houses and people can start applying for these houses from tomorrow, 16th Sept to 21st Oct. The houses are located in places like Lower Parel, Pratiksha Nagar-Sion, Tunga in Powai, Chandivli, Mankhurd, Siddhartha Nagar- Goregaon, Magathane, Mankhurd, Charkop and Malvani-Malad.
MHADA lotteries are a huge hit as the houses are sold much below the market price and are truly affordable for the common man. That explains why during the last nine draws, there were more than 13.58 lakh applicants for 22,923 houses put on the block.
What does this show? Demand has not died as many in the media say given the struggling realty companies. It is just that majority of the people cannot afford the houses which these realty companies sell. So we should stop blaming the RBI and Govt and RERA and et al. The rule is simple for success – you have a good price, the product will be a success; just as a movie can become a super duper hit if and only if the story is good – super star does not matter!