Advertisement
Private equity has played a significant role in shaping Indi...
In today’s real estate landscape, fitness is often treated...
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
The Maharashtra Housing and Area Development Authority (MHADA) has reduced prices of 1,221 flats in Vikhroli by 7.5% after receiving a muted response from buyers in its housing lottery. The price cut lowers unit rates by around INR 10 lakh, bringing them to a range of about INR 1.34 crore to INR 1.37 crore. The authority has also added one free car parking space per flat and extended the application deadline to improve participation. The move reflects growing competition from private developers offering similar pricing with better amenities.
The Maharashtra Housing and Area Development Authority (MHADA) has reduced prices for 1,221 flats in Vikhroli’s Kannamwar Nagar area after witnessing limited demand under its ongoing Mumbai housing lottery. The decision aims to improve buyer interest before the lottery draw scheduled for June 5, 2026. Advertisement
The price correction is set at 7.5%, which translates to a reduction of around INR 10 lakh per flat. Earlier, these units were priced in the range of approximately INR 1.45 crore to INR 1.48 crore. After the revision, the prices have been brought down to around INR 1.34 crore to INR 1.37 crore, making them slightly more accessible for mid-income buyers.
The revision covers two sets of buildings within the project. Around 480 flats in one building have seen prices reduced from about INR 1.45–1.47 crore to INR 1.34–1.36 crore. Another 741 flats in a separate building have been revised from roughly INR 1.45–1.48 crore to INR 1.34–1.37 crore. In addition to the price reduction, MHADA has included one free car parking space per flat, which was earlier either limited or separately priced, to make the offering more competitive.
The move comes after feedback from applicants and market observers indicated that the pricing of these units was close to private residential projects in similar locations. Buyers highlighted that private developers are offering better layouts, newer construction quality, and more lifestyle amenities at comparable price points. This has impacted MHADA’s positioning, which has traditionally been seen as a more affordable housing option.
The Vikhroli units form a significant portion of the total 2,640 flats offered under the broader Mumbai housing lottery. The scheme includes homes across various locations and income categories. Prices across the overall lottery vary widely, from around INR 29 lakh for smaller units to as high as INR 6.82 crore for premium properties in prime areas. This reflects a shift in MHADA’s approach from purely affordable housing to a mixed-income housing model.
To further support participation, MHADA has extended the application deadline to May 14, 2026. Other timelines related to payments and final allotment have also been aligned with the revised schedule, leading up to the final draw in early June. The authority expects that the price cut and added benefits will help improve response levels in the remaining application period.
This is not the first time MHADA has adjusted pricing based on market response. In past lotteries, the authority has made changes to pricing and timelines to ensure better occupancy and reduce unsold inventory. The current step reflects a more market-driven approach, especially as buyer expectations in Mumbai continue to evolve with increased supply from private developers.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
