State housing body hikes prices of flats in its annual lottery; rates have risen by 15% for plots in most areas
For those of you who think private builders are hiking rates like there is no tomorrow, you should probably take a look at what Maharashtra Housing and Area Development Authority (MHADA) has to offer in the upcoming lottery. In some cases, the prices have gone up by over Rs 10 lakh in a year. The housing board will officially announce the prices soon.
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An under-construction MHADA complex on Mira Road
Last year, the cost of a flat in the Higher Income Group (HIG) was Rs 57 lakh. The price has risen to over Rs 66 lakh this year. A 476 sq-ft flat in Powai's Tunga area is being sold for Rs 76 lakh with the per-square-foot rate of the carpet area rising up to Rs 17,000.
Similarly, Middle Income Group (MIG) flats in Charkop, costing Rs 48 lakh last year, now cost Rs 53 lakh. Apart from this, the flats that fall under the Lower Income Group (LIG) cost above Rs 10 lakh. The MIG flats in Powai are priced at Rs 49 lakh and the LIG flats are costing Rs 8 lakh. There is a 15 per cent rise in price in most areas. In the lottery expected to be held on May 31 this year, MHADA has maximum number of flats reserved for HIGs (high income groups).
Up for grabs
In total, there are 1,239 houses up for grabs in the MHADA lottery this year. Out of these, 584 will be reserved for HIGs, 355 for MIGs, 249 for Economically Weaker Sections (EWS) and 52 for LIGs. Earlier, the MIGs were generally allotted one BHK flats. However, this year, they will be given two BHK flats in Charkop.
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