The lottery has attracted significant interest, with 24,911 applications submitted along with earnest money deposits. The flats and plots are part of various housing schemes developed by the Konkan Board in Thane city, Thane district, Raigad, and Sindhudurg.

The application process opened on October 11, 2024, and concluded on January 6, 2025. Payments for earnest money deposits were accepted until January 7, 2025, via online modes or through RTGS/NEFT.

The provisional list of eligible applicants was published on January 20, 2025, on MHADA’s official website. Applicants were allowed to raise objections or claims until January 22, 2025. The final list of eligible applicants was made available on January 24, 2025.

Applicants will receive the lottery results immediately through SMS, email, and the MHADA lottery app. The initiative is part of MHADA’s ongoing efforts to ensure transparency and efficiency in housing allocation across Maharashtra.

For further information, applicants can visit MHADA’s official website, https://housing.mhada.gov.in, or contact the Konkan Board office.

Also Read: dilapidated buildings in mhada

The post MHADA Konkan Board to Conduct Lottery for 2,147 Flats, 110 Plots on February 5 appeared first on Square Feat India.

State Housing Minister Atul Save on Wednesday confirmed that former Central Minister Dr. Bhagwat Karad declined the offer of a MHADA home, citing the steep prices. This follows a similar decision by BJP MLA Narayan Kuche, who had won the most expensive home in the 2023 MHADA lottery. The property, located at Crescent Towers, Tardeo, was priced at ₹7.57 crore and was allocated to Kuche through the MP/MLA quota. Kuche’s victory had initially displaced Karad, who was then serving as a central minister in the Modi cabinet.

Despite securing the home in the lottery, Kuche decided not to proceed, stating that the property’s cost was beyond his means. Under MHADA rules, if a winner declines their allotted home, the next person on the waiting list is given the opportunity. In this case, that person was Bhagwat Karad. However, Karad also chose to forgo the home, citing the same concern over the high price.

In response to significant public backlash over the high prices of homes in the MHADA lottery, the Maharashtra Housing and Area Development Authority (MHADA) has announced a 10% reduction in prices for High Income Group (HIG) homes. The price adjustment follows criticism from citizens about the affordability of homes in the recent lottery, which initially offered 2030 properties.

The new pricing will apply to 370 homes advertised under the DCPR 33 & 5 guidelines, including the property initially won by Kuche and subsequently refused by both leaders. The price reductions are as follows: 25% for Economically Weaker Sections (EWS), 20% for Low Income Group (LIG), 15% for Middle Income Group (MIG), and 10% for HIG homes.

MHADA’s decision to reduce prices aims to address the affordability concerns and provide a more equitable opportunity for potential buyers. The adjusted homes will be available in an upcoming lottery, offering renewed hope to those seeking housing in Mumbai.

Also Read: MHADA Reduces Prices for Homes in Mumbai Lottery

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In response to public feedback and criticism over the high prices of its homes, the Maharashtra Housing and Area Development Authority (MHADA) has announced a substantial reduction in the rates for 370 homes included in its latest lottery for Mumbai. This adjustment aims to make homeownership more accessible for a broader range of buyers.

Price Reductions Across All Income Categories

MHADA’s recent decision impacts homes under the 33(5) and 33(7) schemes. The authority has introduced price cuts in all four income categories, reflecting a commitment to address affordability concerns:

• Economically Weaker Sections (EWS): Prices have been reduced by 25%.
• Low Income Group (LIG): Prices are down by 20%.
• Middle Income Group (MIG): A 15% reduction has been applied.
• High Income Group (HIG): Prices have been cut by 10%.

These reductions come after MHADA faced significant backlash regarding the previously high prices of its homes. The move is expected to ease the financial burden on potential buyers across different economic strata.

Extended Application Deadline

To accommodate the increased interest and ensure more people can benefit from the reduced prices, MHADA has extended the application deadline. Originally set for September 4, the new deadline is now September 19. This extension provides additional time for prospective buyers to submit their applications for the lottery.

Introduction of MHADA’s New Mascot

The event also marked the unveiling of MHADA’s mascot, ‘Shri and Shrimati Nivasi.’ Housing Minister Atul Save highlighted that the mascot would serve as a goodwill ambassador, helping citizens navigate MHADA’s procedures and making information about housing schemes more accessible. Save praised the contributions of Chief Minister Eknath Shinde, Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar for their support in the housing sector.

Enhanced Services and Future Plans

Sanjeev Jaiswal (IAS), MHADA Vice President and CEO, emphasized that ‘Shri and Shrimati Nivasi’ symbolize MHADA’s commitment to providing clear guidance and facilitating homeownership dreams. The mascot is expected to enhance the public’s understanding of MHADA’s schemes and services.

Jaiswal also highlighted the implementation of the IHLMS 2.0 system, a transparent online lottery system that simplifies the process from registration to possession of apartments. MHADA plans to integrate chatbox technology into its mascot system and expand its presence on social media platforms to better connect with the public.

Conclusion

With these adjustments, MHADA aims to address affordability concerns and make homeownership more attainable for Mumbai’s diverse population. The reduced rates and extended application deadline are steps towards enhancing accessibility and addressing the housing needs of various income groups in the city.

Also Read: Maharashtra Housing Minister to Unveil MHADA’s New Mascot on August 28

The post MHADA Reduces Prices for Homes in Mumbai Lottery appeared first on Square Feat India.

The lottery includes homes across four categories: EWS (Economically Weaker Section), LIG (Low Income Group), MIG (Middle Income Group), and HIG (High Income Group).

Income limits for eligibility are as follows: EWS applicants must earn up to Rs 6 lakh per year, LIG applicants up to Rs 9 lakh, MIG applicants up to Rs 12 lakh, and there is no income cap for HIG applicants.

EWS candidates can apply for both EWS and LIG homes, LIG candidates can apply for, LIG, and MIG homes, while MIG candidates can apply for MIG homes and HIG homes. HIG applicants are restricted to applying solely for HIG homes.

Here are some of the locations where the MHADA lottery homes are available: Wadala, Mulund, Vikhroli, Pahadi Goregaon, Tardeo, Goregaon, Kandivali, Lower Parel, Borivali, Sion, JVPD-Juhu, Byculla, Dadar, Mahim, Mazgaon, Antop Hill, Santacruz, Chembur, Kurla, Andheri, Powai, and Malad.

The key eligibility criteria for the MHADA lottery are as follows:

1. Domicile Requirement: Applicants must be domiciled in Maharashtra and at least 18 years old at the time of application.
2. Property Ownership Restrictions: Applicants must not own a home within the Mumbai Municipal Corporation limits. If married, the applicant’s spouse and minor children must also not own a home within BMC limits.
3. Previous Benefits: Applicants should not have previously received a government-subsidized home in Maharashtra through any government scheme.

Here are the important dates for the MHADA lottery:

• Online Registration and Application Start: August 9, 2024, at 12:00 PM
• Online Payment Start: August 9, 2024, at 12:00 PM
• Application End: September 4, 2024, at 11:59 PM
• Online Payment End: September 4, 2024, at 11:59 PM
• RTGS/NEFT Payment End: September 4, 2024, at 11:59 PM
• Draft Application Publish: September 9, 2024, at 6:00 PM
• Final Application Publish: September 11, 2024, at 6:00 PM
• Lottery Draw: September 13, 2024, at 11:00 AM
• Refund Start: September 18, 2024, at 11:00 AM

For the rest of the detail you can visit this site: https://housing.mhada.gov.in and also have a look at these pictures.

Also Read: MHADA Mumbai Board Announces Lottery for 2,030 Flats

The post MHADA Lottery Unveils Priciest Homes at Rs 7.57 Crore appeared first on Square Feat India.

Significant rent increases were observed in Navi Mumbai, Hyderabad, and Ahmedabad. Navi Mumbai saw a rise of 6.2% QoQ, with average rents climbing from INR 28.99 psf in the first quarter of 2024 to INR 30.78 psf in the second quarter. Hyderabad experienced a 4.2% QoQ increase, with rents moving from INR 22.01 psf to INR 22.93 psf. Ahmedabad reported a 4% QoQ rise, with rents increasing from INR 17.25 psf to INR 17.94 psf.

The report also noted a 14.8% QoQ increase in rental demand, following a 16% QoQ rise in the previous quarter. Conversely, supply across these cities decreased by 2.2% QoQ due to high absorption rates, contributing to the uptick in rents.

Cities with the highest rents include Mumbai at INR 82.28 psf per month, Delhi at INR 33.72 psf, and Thane at INR 29.84 psf. Other cities reported varying rental averages, with Greater Noida at INR 14.52 psf, Noida at INR 20.10 psf, and Bengaluru at INR 28 psf.

Abhishek Bhadra, Head of Research at Magicbricks, commented on the trends: “With economic activity on the rise, we expect continued growth in both rental demand and rent prices in the short to medium term. The supply of rental units is likely to improve as more under-construction properties become available. This dynamic presents a favorable opportunity for landlords and investors, encouraging increased participation in the rental market.”

The report highlights that despite the overall average rental yield across the top 13 cities being 3.6%, Ahmedabad, Pune, and Kolkata delivered the highest rental yields at 3.8%.

City-wise Rental Metrics:

• Ahmedabad: Demand increased by 30.1% QoQ and 15.2% YoY. Supply decreased by 0.8% QoQ and 6.0% YoY. Rents rose by 4.0% QoQ and 10.3% YoY.
• Bengaluru: Demand remained stable at 0.3% QoQ but decreased by 11.0% YoY. Supply fell by 4.8% QoQ and 11.5% YoY. Rents increased by 3.7% QoQ and 24.6% YoY.
• Chennai: Demand grew by 6.9% QoQ and 6.9% YoY. Supply decreased by 13.2% QoQ and 37.3% YoY. Rents increased by 2.0% QoQ and 19.1% YoY.
• Delhi: Demand surged by 47.2% QoQ and 18.0% YoY. Supply slightly decreased by 0.1% QoQ and 9.5% YoY. Rents rose by 1.7% QoQ and 14.5% YoY.
• Greater Noida: Demand increased by 44.0% QoQ and 3.2% YoY. Supply rose by 4.4% QoQ and 29.0% YoY. Rents increased by 2.1% QoQ and 26.7% YoY.
• Gurugram: Demand grew by 24.8% QoQ and decreased by 7.6% YoY. Supply increased by 10.2% QoQ and 25.9% YoY. Rents rose by 2.8% QoQ and 20.6% YoY.
• Hyderabad: Demand rose by 1.7% QoQ but decreased by 8.5% YoY. Supply fell by 6.2% QoQ and 3.9% YoY. Rents increased by 4.2% QoQ and 23.1% YoY.
• Kolkata: Demand increased by 24.4% QoQ and decreased by 0.9% YoY. Supply decreased by 0.7% QoQ and 9.6% YoY. Rents fell by 2.3% QoQ but rose by 8.5% YoY.
• Mumbai: Demand increased by 16.0% QoQ and 2.2% YoY. Supply fell by 3.4% QoQ and 3.0% YoY. Rents rose by 3.8% QoQ and 10.5% YoY.
• Navi Mumbai: Demand increased by 22.2% QoQ and 13.8% YoY. Supply fell by 2.4% QoQ and 8.1% YoY. Rents rose by 6.2% QoQ and 20.7% YoY.
• Noida: Demand increased by 31.3% QoQ and 1.4% YoY. Supply rose by 1.2% QoQ and 32.4% YoY. Rents increased by 3.8% QoQ and 19.3% YoY.
• Pune: Demand increased by 18.1% QoQ and decreased by 3.6% YoY. Supply fell by 4.0% QoQ and 1.1% YoY. Rents rose by 1.7% QoQ and 12.3% YoY.
• Thane: Demand rose by 14.7% QoQ but fell by 18.8% YoY. Supply decreased by 4.3% QoQ and increased by 1.4% YoY. Rents fell by 3.2% QoQ and 18.7% YoY.

Source: Magicbricks Research

Also Read: Tamannaah Bhatia rents out 1 Property, Mortgages another 3

The post Rents Rise by 2.6% QoQ Across 13 Key Indian Cities; Ahmedabad, Pune, and Kolkata Lead in Rental Yields: Magicbricks Report appeared first on Square Feat India.