{"id":692,"date":"2019-08-19T09:10:47","date_gmt":"2019-08-19T09:10:47","guid":{"rendered":"https:\/\/www.losboquerones.com\/?p=692"},"modified":"2019-08-19T09:10:47","modified_gmt":"2019-08-19T09:10:47","slug":"what-is-maharashtra-housing-and-area-development-authority-lottery-scheme","status":"publish","type":"post","link":"https:\/\/www.losboquerones.com\/what-is-maharashtra-housing-and-area-development-authority-lottery-scheme\/","title":{"rendered":"What is Maharashtra Housing and Area Development Authority Lottery Scheme?"},"content":{"rendered":"<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">As per demographic trends, Maharashtra has witnessed large-scale urbanisation over the last decade at an annual growth rate of 10%. This growth is estimated to bring up the state\u2019s population from 5 Crore in 2011 to 6.8 Crore in 2022.<\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Such prospective rise in population will create a demand for affordable housing options. Considering that the pattern of heavy urbanisation is concentrated significantly in the cities of Mumbai, Pune, Nasik, etc., the <strong><a href=\"https:\/\/www.bajajfinserv.in\/insights\/know-about-mhada-lottery-scheme-in-maharashtra\" target=\"_blank\" rel=\"noopener\">Maharashtra lottery<\/a><\/strong> scheme provides real estate options to meet the same.<\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>What is MHADA or Maharashtra Housing and Area Development Authority <\/b><\/span><span style=\"font-size: medium\"><b>L<\/b><\/span><span style=\"font-size: medium\"><b>ottery <\/b><\/span><span style=\"font-size: medium\"><b>S<\/b><\/span><span style=\"font-size: medium\"><b>cheme?<\/b><\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Maharashtra Housing and Area Development Authority lottery or Maharashtra lottery is a flagship housing program launched to boost the accessibility and affordability of residential spaces. Under this lottery scheme, lower and middle-class families can go ahead and purchase houses in the high-value localities at affordable prices.<\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">In 2019, the MHADA held a lottery of around 217 homes, and the MHADA lottery result will soon be announced where the authorities will be deciding upon the final list of buyers from amongst 66,000 applicants. Prices of such residential properties come at a comparatively lower cost, viz. \u2013<\/span><\/span><\/p>\n<ul>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>EWS flat \u2013<\/b><\/span><span style=\"font-size: medium\"> &gt;&gt; Rs. 14 Lakh.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>LIG flat \u2013<\/b><\/span><span style=\"font-size: medium\"> Rs. 20 Lakh &gt;&gt; Rs. 35 Lakh.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>MIG flats \u2013<\/b><\/span><span style=\"font-size: medium\"> Rs. 35 Lakh &gt;&gt; Rs. 60 Lakh.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>HIG flats \u2013<\/b><\/span><span style=\"font-size: medium\"> Rs. 60 Lakh &gt;&gt; Rs. 5.8 Crore.<\/span><\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Additionally, MHADA also catered to requirements of potential home buyers seeking to avail home loans by providing them with financial assistance via HUDCO and PMAY. Thus, prospective homeowners can now approach reputed lenders and avail their <\/span><\/span><span style=\"color: #0000ff\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Home Loan<\/span><\/span><\/span><span style=\"color: #000000\"><span style=\"font-size: medium\"> that complies with PMAY and hence enjoy a further reduced rate of interest. Owing to this, individuals can save up to Rs. 2.67 Lakh on interest alone. Apart from this, it comes with a host of other benefits \u2013<\/span><\/span><\/p>\n<ul>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Easy-to-meet eligibility criteria. <\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Top-up loan.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Multiple <\/span><\/span><span style=\"color: #0000ff\"><span style=\"color: #000000\"><span style=\"font-size: medium\">home loan repayment options to choose from.<\/span><\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Pocket-friendly EMIs.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Minimum documentation.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Zero charges on foreclosure and part prepayment. <\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Easy balance transfer facility.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Customised insurance schemes.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Property dossier.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #0000ff\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Home Loan Balance Transfer.<\/span><\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Convenient loan account management via a customer portal.<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><a name=\"_GoBack\"><\/a> <span style=\"color: #000000\"><span style=\"font-size: medium\">A flexible repayment tenor ranging up to 20 years. <\/span><\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">In addition to assisting while availing advances, Maharashtra lottery offers individuals with multiple other benefits. Its convenient application process, along with minimum documents and eligibility criteria \u2013 all contribute to the rising popularity of this lottery.<\/span><\/span><\/p>\n<ol type=\"A\">\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>Eligibility<\/b><\/span><\/span><\/p>\n<\/li>\n<\/ol>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">At present, about 217 units of housing spaces are available under MHADA, out of which 46 units are in Powai, and the rest in Sahakar Nagar and Chembur\u2019s Shell Tower. Considering that this lottery caters to the housing requirements of the economically weaker section of the society, eligibility is kept to a bare minimum \u2013<\/span><\/span><\/p>\n<ul>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Individual must be a minimum of 18 years of age<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">He\/she must possess a PAN Card<\/span><\/span><\/p>\n<\/li>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Must show documentary proof of their income for a financial year<br \/>\n<\/span><\/span><span style=\"font-size: medium;color: #000000\">HIG = Rs. 75,001 and above<br \/>\n<\/span><span style=\"font-size: medium;color: #000000\">MIG = Rs. 50,001 \u2013 Rs. 75,000<br \/>\n<\/span><span style=\"font-size: medium;color: #000000\">LIG = Rs. 25,001 \u2013 Rs 50,000<br \/>\n<\/span><span style=\"font-size: medium;color: #000000\">EWS = up to Rs. 25,000<br \/>\n<\/span><span style=\"font-size: medium;color: #000000\">-and apply for a flat that is suitable as per their monthly income.<\/span><\/p>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Applicant must have a domicile certificate <\/span><\/span><\/p>\n<\/li>\n<\/ul>\n<ol start=\"2\" type=\"A\">\n<li>\n<p lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>Application <\/b><\/span><span style=\"font-size: medium\"><b>P<\/b><\/span><span style=\"font-size: medium\"><b>rocess<\/b><\/span><\/span><\/p>\n<\/li>\n<\/ol>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Keeping in mind the convenience of potential applicants, the application process has been kept hassle-free \u2013 <\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>Step 1: <\/b><\/span><span style=\"font-size: medium\">Log on to the official website of MHADA &#8211; <\/span><span style=\"font-size: medium\"><i><b>https:\/\/lottery.mhada.gov.in\/<\/b><\/i><\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>Step 2: <\/b><\/span><span style=\"font-size: medium\">Register on this website with your username, personal and financial details.<\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>Step 3: <\/b><\/span><span style=\"font-size: medium\">Choose schemes from MHADA options that best cater to your financial capability (EWS, LIG, MIG or HIG.)<\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>Step 4: <\/b><\/span><span style=\"font-size: medium\">Enter the scheme code and choose the area of your desired residential property.<\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>Step 5: <\/b><\/span><span style=\"font-size: medium\">Give your bank account details along with the communication particulars.<\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\"><b>Step 6: <\/b><\/span><span style=\"font-size: medium\">Fill in the application form by paying a non-refundable amount of Rs. 336. Pay the deposit money via multiple payment options \u2013 credit or debit card, internet banking, demand draft, etc.<\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">Post completion of the application process, the Maharashtra lottery result remains to be announced. This year the registration process for this lottery started on 7<\/span><sup><span style=\"font-size: medium\">th<\/span><\/sup><span style=\"font-size: medium\"> March 2019, and draw date was on 2<\/span><sup><span style=\"font-size: medium\">nd<\/span><\/sup><span style=\"font-size: medium\"> June 2019. The list of winners was announced on the very same date. <\/span><\/span><\/p>\n<p class=\"western\" lang=\"en-GB\" align=\"justify\"><span style=\"color: #000000\"><span style=\"font-size: medium\">MHADA, along with real estate-targeted schemes like <a href=\"https:\/\/www.bajajfinserv.in\/insights\/know-all-about-rera-act\" target=\"_blank\" rel=\"noopener\">RERA<\/a>, reflects Maharashtra\u2019s endeavours at introducing transparency to its highly prospective housing market.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per demographic trends, Maharashtra has witnessed large-scale urbanisation over the last decade at an annual growth rate of 10%. This growth is estimated to bring up the state\u2019s population from 5 Crore in 2011 to 6.8 Crore in 2022. Such prospective rise in population will create a demand for affordable housing options. Considering that the pattern of heavy urbanisation is concentrated significantly in the cities of Mumbai, Pune, Nasik, etc., the Maharashtra lottery scheme provides real estate options to meet the same. What is MHADA or Maharashtra Housing and Area Development Authority Lottery Scheme? Maharashtra Housing and Area Development [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[113,114,115],"_links":{"self":[{"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/posts\/692"}],"collection":[{"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/comments?post=692"}],"version-history":[{"count":1,"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/posts\/692\/revisions"}],"predecessor-version":[{"id":695,"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/posts\/692\/revisions\/695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/media\/694"}],"wp:attachment":[{"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/media?parent=692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/categories?post=692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.losboquerones.com\/wp-json\/wp\/v2\/tags?post=692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}