MHADA slashes house prices; Parel’s ₹1.5 Cr house to sell at ₹99 lakh

In the upcoming lottery, houses worth ₹31 lakh will now be available at ₹22 lakhs


Last year, people who won houses in Lower Parel and were on the waiting list of Maharashtra Housing and Area Development Authority (MHADA) lottery returned 28 such houses worth ₹1.95 Cr and ₹1.45 crore owing to its high prices.

Also Read: MHADA Not To Sell Shivaji Park's House, Sends A Show-Cause Notice To Tenants

Finally, MHADA has decided to slash the prices by 25 to 30 per cent in order to cater to more consumers. Because of this, MHADA houses situated at Lower Parel that were worth ₹1.95 Cr and ₹1.45 Cr will now be available at ₹99 lakh. Along with this, houses worth ₹31 lakh which will be made available in the upcoming lottery will now be available at ₹22 lakh. 

Also Read: MHADA To Revise Prices Of Its Houses For All Income Groups

In the last few years, MHADA has been increasing its house prices, due to this, people who bought houses via lottery in Powai-Tunga, Virar-Bolinj and Parel have already returned their possession to MHADA. Because of this, out of 36, 28 houses are now vacant.