All About MHADA Lottery Scheme 2018

All About MHADA Lottery Scheme 2018

All About MHADA Lottery Scheme 2018

The Maharashtra Housing and Area Development Authority (MHADA), established under the Maharashtra Housing and Area Development Act, 1976, launches various housing schemes every year for homebuyers from different income groups. The MHADA Lottery Scheme, wherein the authority allots homes on the basis of lottery draw results, has been quite popular among seekers of affordable housing properties within the city limits.

The MHADA Lottery Scheme 2018, initially expected for launch in May, has been delayed due to pending clearance from the Real Estate Regulatory Authority (RERA), verification of flats and reduced number of houses that would be sold through the lottery system. Apartments under the scheme will be available for sale in the first week of July.

MakaaniQ tells you all about the MHADA Lottery Scheme 2018 and the process for application:

About MHADA Lottery Scheme 2018

MHADA will offer a total of 1,000 units for sale in 2018, as against the 819 units in 2017. It will reserve 60 per cent of the units for poorer sections. Under the scheme 2017, the authority had opted for a ratio of 60:40 for affordable housing and HIG homes. It received much criticism for offering only a few houses for the economically weaker section. This year, about 800 units will be reserved for low-income group (LIG) with 283 units for the economically weaker sections (EWS).

Pricing: These housing units are priced between Rs 15.35 lakh and Rs 1.42 crore. Buyers are required to pay stamp duty over and above the cost of the unit. Although the rates are somewhat lower than properties by private builders, experts opine that the state government should take steps to reduce taxes and subsidise these houses.

Location: The localities that have these units on offer include Borivli, Ghatkopar, Mulund, Mankhurd, Goregaon and Vikhroli.

Eligibility: The scheme is open for applicants who are aged 18 years and above, with a valid PAN card and a Domicile Certificate that proves s/he has stayed for 15 continuous years in Maharashtra. The applicant should also have an income proof for the financial year to ascertain his eligibility in the specified income groups. That is, Economically Weaker Section (EWS) - up to 25,000; Lower-Income Group (LIG) - Rs 25,001 to Rs 50,000; Middle-Income Group (MIG) - Rs 50,001 to Rs 75,000; High-Income Group (HIG) - Rs 75,001 and above. You are only eligible if you (and immediate family members) do not own a residence from the MHADA in the city.

Home Loan: The winners of MHADA Lottery Scheme can avail loan from HUDCO (Housing and Urban Development Corporation), the nodal agency of the Pradhan Mantri Awas Yojana (PMAY), after essential scrutiny and due diligence. While the available interest subsidy for home loan is up to Rs 2.67 lakh, the repayment must be made in 25 years. The interest subsidy for EWS is 6.50 per cent - loan amount up to Rs 6 lakh; and MIG (buyers with an annual income of Rs 12 to Rs 18 lakh) is 3 per cent - loan amount up to Rs 12 lakh. MHADA also partnered Axis Bank for handling the financial bit of the scheme

 How to apply?

MHADA enables buyers to avail the scheme through its online application procedure: 

*Log on to the MHADA Lottery Scheme and register yourself with a username and provide your personal and income-related details - name, date of birth, family income, PAN card number, occupation, marital status, gender, residential address, mobile number, etc.

*Once you log in, you would see the various schemes on offer and can choose the MHADA Lottery from the option and feed in the personal details, such as income group, reservation category and applicant type.

*Enter the scheme code, which you can find in the annexures available online or in the brochure. It is mainly the location that you have shortlisted. Give your bank account details and communication or residential address.

*After filling the application form, depending on the income category, buyers must pay the earnest money deposit. The payment can be done through various modes viz. demand draft, debit card, credit card and internet banking.

*To fill the online application form, buyers must pay a non-refundable Rs 336 charge.

*There are MHADA help centres named Mitra at the authority’s Bandra East Office where applicants can seek information regarding the scheme. For any assistance, you can contact on this helpline number - 9869988000.

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