Authority expects to earn more than Rs 500cr this year

Mumbai: The housing authority is expecting to earn more than Rs 500 crore from this year’s lottery through the sale of 1,384 affordable homes. This comes after Mhada altered its pricing policy where prices of homes have been slashed by 25-30 per cent on an average.

“Through the sale of flats this year, we are expecting to earn rs 587.11 crore. The funds will then be used for construction of affordable homes,” said Madhu Chavan, Mhada  chairman. The lottery results will be out on December 16 and applications will be closed by December 10.

According to statistics given by Mhada  officials, the authority received more than 17,000 registrations on day one after publishing the advertisement. Meanwhile, 63 homes have been reserved for the EWS category for the income group of up to Rs 25,000; 926 homes for the low income group (LIG) between Rs 25,000 and Rs 50,000; and 201 homes for the middle income group (MIG) between Rs 50,000 and Rs 75,000 per annum. Flats in the EWS category have been priced below Rs 20 lakh; LIG flats between Rs 20 lakh and Rs 35 lakh; MIG flats between rs 35 lakh and Rs 60 lakh; and HIG flats up to Rs 60 lakh and above.