Why the Disparity in MHADA Home Prices? Understanding the 2023 and 2024 Variations in Affordable Housing

MHADA (Maharashtra Housing and Area Development Authority) has long claimed to offer affordable housing. However, a recent decision has led to significant differences in the prices of homes for low-income groups between 2023 and 2024.

Drastic Price Reduction in Vikrant Housing Society, Vikhroli

In both 2023 and 2024, MHADA included homes from the Vikrant Housing Society in Vikhroli in its lottery. But this year, under Development Control Rule 33(5), MHADA decided to reduce prices in certain housing categories. This decision caused the prices of homes in Vikrant to drop by as much as ₹18 lakh in 2024’s lottery. Surprisingly, homes from the same building were priced as high as ₹78 lakh in 2023. This has raised questions, as home prices typically increase each year, yet MHADA reduced them.

Demands for Reconsideration of 2023 Home Prices

MHADA’s lotteries cater to various income groups, and in 2023, it launched a draw for 2,030 homes, including those in Vikrant Society. Last year, the homes for low-income groups were priced between ₹68 lakh and ₹78 lakh, and many winners from the 2023 lottery had already taken possession of their homes. However, in 2024, MHADA included homes from the same society in its lottery, with prices reportedly ₹1 lakh higher than the previous year. This inconsistency has sparked concerns among residents.

MHADA’s August 2024 Decision: Price Reduction for Affordable Housing

On August 21, 2024, MHADA announced a price reduction of ₹18 lakh for homes in various categories, including those in Vikrant Society. This move was aimed at making MHADA homes more affordable. However, those who bought homes in 2023 at the higher prices are now demanding a reconsideration. Residents from Vikrant Society have already approached Housing Minister Atul Save with a formal request for a review.

Disclaimer: The information provided in this article is based on publicly available data and media reports. For precise details or legal advice, readers are encouraged to consult MHADA directly or speak with a qualified housing expert.