Why Lacs of Homebuyers are Rushing to Buy a Few Thousand MHADA Homes?

In these real estate projects builders cannot sell
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One question which has become pertinent in today’s scenario is why are lakhs of homebuyers rushing to buy a MHADA Home?

By Varun Singh

MHADA’s Konkan Board announced a lottery for 8,984 homes were in August 2021.

Since then till now more than 2.39 lakh homebuyers have already applied for the Konkan Board’s MHADA lottery.

MHADA lottery for which the last date of registration was last Wednesday and for application was last Thursday.

However, MHADA announced an extension, as per the new schedule, the interested eligible applicants can register online application for this computerized draw till 11.59 pm on September 29, 2021.

Registered applicants Online applications can be submitted till 11.59 pm on September 30, 2021.

Payment of deposit (EMD) through RTGS / NEFT online as well as in the bank. Can be done till 11.59 pm on October 01, 2021.

Since the start of registration, a total of 2,40,856 users registered with MHADA, of which 1,70,963 registered with MHADA.

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Of the total registration MHADA has received application from 2,39,126 from homebuyers wanting to buy a home.

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Till late Tuesday evening a total of 1,97,138 applicants had paid their Earnest Money Deposit.

The program of computer lottery shall be held on the earlier decided date of October 14, 2021 at 10 am, at Dr. Kashinath Ghanekar Natyagriha, near Hiranandani Meadows, Manpada, Thane (West).

The response is a mirror to the private developers who keep complaining that homebuyers are staying away from the market.

Flats in MHADA lottery are available as affordable rates and the response goes on to show that homebuyers are willing to buy homes if they aren’t available at affordable rates.

Sunil Gupta, is one amongst these lakhs of homebuyers who is wanting to buy a MHADA house.

When asked why was he so eager to get a MHADA house he said, “The prices are affordable and getting a home loan will be easier with the government tag associated with MHADA homes.”

MHADA is a government run authority and has delivered a lot of homes in the past too. Even private developers say that the trust homebuyers have for government name is huge and private enterprises lack that kind of trust.

Anand Gupta, Chairperson , Housing and RERA committee of Builders Association of India said, “People have more trust and feel of security for their money in Government than private enterprises because of their pre Rera bad experiences. Moreover, cost of flat is cheaper than pvt builders because of old acquired land by government is also contributing people to apply in such large numbers, to take cost advantage.”

Also Read: Did You Apply For MHADA Lottery, Registration Ends Sep 29, More than 2.31 Lac Have Already Applied

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