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Price Reductions Announced

Mumbai, September 2, 2024: The Mumbai Board of the Maharashtra Housing and Area Development Authority (MHADA) has announced a reduction in prices for several homes in its recent lottery. The board has adjusted the prices for 370 out of 2,030 homes, following the guidelines under DCPR 33 (5), (7), and 58.

Details of the Price Reductions

The price cuts are categorized by income group:

  • Economically Weaker Sections (EWS): 25% reduction
  • Lower Income Group (LIG): 20% reduction
  • Middle Income Group (MIG): 15% reduction
  • Higher Income Group (HIG): 10% reduction

Also Read: High Prices Forced Former Central Minister from Modi Govt to Decline MHADA Homes

Impact on Home Prices

As a result of these reductions, several homes previously priced in crores are now listed at significantly lower prices. For instance:

  • A Worli home that was initially priced between ₹2.60 crore and ₹2.62 crore is now available for ₹2.08 crore to ₹2.09 crore.
  • In Chembur, a house originally listed at ₹1.03 crore is now priced at ₹83 lakh.
  • The most expensive home in Tardeo, once priced at ₹7.57 crore, is now available for ₹6.82 crore.
  • A Lower Parel property that was priced at ₹2.10 crore is now listed at ₹1.68 crore.
  • An Andheri home previously priced at ₹1.48 crore is now being sold for ₹1.18 crore.

Significance of the Reduction

These adjustments are part of MHADA’s efforts to make housing more affordable across various income groups, reflecting a commitment to increasing accessibility and affordability in Mumbai’s real estate market.

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