The Mumbai Board of the Maharashtra Housing and Area Development Authority (MHADA) is considering a reduction in prices of several unsold flats following a subdued response from homebuyers.
According to officials, a significant number of units offered under the First Come, First Served (FCFS) scheme remain unsold, particularly in the higher-income group category and in premium locations across the city. In view of the slow demand, MHADA is reportedly evaluating a price reduction of around 10% to 20% for select flats, depending on location and prevailing ready reckoner rates.
Recent housing schemes have seen limited uptake, with nearly half of the offered units still unsold. Most of these flats fall in the price bracket of INR 2 crore to INR 7 crore and are located in prime areas of Mumbai.
Officials stated that the final decision on revising prices will be taken after assessing ongoing demand trends and market conditions in upcoming housing lotteries.
The development highlights continued sluggish demand for higher-priced MHADA housing units, prompting the authority to reconsider its pricing strategy to boost sales.
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