The Maharashtra Housing and Area Development Authority (MHADA) on Thursday announced a price reduction of up to 25 per cent on 370 flats in its ongoing 2024 lottery.

The rate cut aims to address concerns raised by potential buyers regarding the high prices of these homes.

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The price reduction, ranging from 10 per cent to 25 per cent, applies to affordable housing units offered in the current lottery, which was initially launched earlier this month.

A total of 2,030 housing units are available for applicants across all income groups in Mumbai.

State Housing Minister Atul Save, speaking at a MHADA event, unveiled the new MHADA Mascot and confirmed the price cuts.

He acknowledged that while the agency has already received over 20,000 applications, concerns from various quarters prompted the decision to lower prices. Despite this adjustment, the demand for the flats remains robust.

Beside the rate cut, MHADA has also extended the application deadline to September 19. Earlier, the last date for submissions was September 4.

Applications for the MHADA lottery 2024 have been open since August 9, and the draw results are likely to be announced on September 13.