Mhada Plans Up to 10% Price Cut on Unsold Mumbai Flats

The Maharashtra Housing and Area Development Authority (Mhada) has initiated a proposal to reduce prices of nearly 400 unsold flats across Mumbai by up to 10%, with revised rates expected to apply when the Mumbai Housing and Area Development Board (MHADB) reopens sales under its First Come First Serve (FCFS) scheme after Diwali.

The proposal is aimed at making the authority’s unsold housing inventory more attractive to prospective buyers. The revised prices will take effect only after the proposal receives approval.

Unsold homes across Mumbai

Mhada initially offers newly constructed homes through lottery draws.

Flats that remain unsold after repeated attempts are transferred to MHADB, which markets them under the FCFS category, allowing applicants to purchase homes without participating in a lottery.

Several apartments have remained unsold for years.

These include a flat at Crescent Tower in Tardeo, which was priced at ₹7.58 crore and failed to attract buyers when it was offered again under the FCFS scheme in February.

Similarly, several hundred flats at Kannamwar Nagar remained unsold after Mhada’s August lottery draw. The authority also has housing units in other locations across Mumbai that have not found buyers.

An MHADB official familiar with the proposal said the board had started the process of revising prices.

“If the proposal is cleared, prices of several flats will come down by up to 10%. However, the reduction will not necessarily be uniform across all the unsold apartments,” the official said.

Also Read: MHADA Pune Housing Lottery Deadline Extended to October 22

Earlier price reduction failed to attract buyers

Mhada had previously reduced prices of unsold homes at Kannamwar Nagar.

In April, the authority lowered prices by 7.5%. However, the reduction, along with free parking slots, did not generate a favourable response from prospective buyers.

The proximity of the project to the Kanjurmarg dumping ground was identified as one of the major deterrents.

The authority has also faced concerns over the affordability of its homes, with applicants questioning whether the prices were within reach of the section of society Mhada aims to serve.

Also Read: MHADA Lottery 2027: 2,500 Affordable Homes in Mumbai