MHADA to Sell Luxury South Mumbai Apartments Over ₹7 Crore on First-Come Basis

The Maharashtra Housing and Area Development Authority (MHADA) is set to sell some of its most premium apartments in South Mumbai, priced at over ₹7 crore, ahead of Diwali 2025. These high-end flats, located in Crescent Tower at Tardeo, will be available on a first-come, first-served basis, marking a significant shift from the authority’s usual lottery-based sale system.

The decision to sell directly follows two previous MHADA lotteries where these luxury units remained unsold, highlighting the challenge of marketing high-value properties under the traditional draw system.

Background: From Lottery System to Direct Sale

Traditionally, MHADA sells its apartments through a lottery system, targeting affordable and mid-income buyers. However, the High-Income Group (HIG) apartments in Crescent Tower failed to attract buyers in the last two lottery draws.

In response, MHADA has decided to delink these luxury units from the lottery process and adopt a direct sale model. This approach allows interested buyers to register and purchase flats without waiting for a draw, making the process faster and more transparent.

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Crescent Tower: The Location and Developer

Crescent Tower, situated in Tardeo, is one of South Mumbai’s most upscale neighborhoods. Developed by the Shapoorji Pallonji Group, the project offers premium amenities, luxurious finishes, and breathtaking views of the Mahalaxmi Race Course and the Arabian Sea.

These apartments represent MHADA’s first foray into the luxury category, with prices far exceeding the typical range of its conventional housing stock, reflecting both the prime location and premium construction standards.

Price Details and Apartment Features

The most expensive unit in Crescent Tower is a 3BHK on the 19th floor, priced at approximately ₹7.58 crore and inclusive of a dedicated staff quarter. Other available units are priced between ₹5.93 crore and ₹7 crore, offering prospective buyers multiple high-value options.

Being ready-to-move-in homes, these apartments are likely to attract high-income buyers looking for centrally located properties. The first-come, first-served sale format allows buyers to secure units directly through MHADA once the official advertisement is released.

Why These Flats Remained Unsold

Despite their prime location, these HIG flats remained unclaimed in previous lotteries due to several factors:

• High pricing compared to standard MHADA offerings.
• Limited target audience, as MHADA is primarily associated with affordable housing.
• Buyers in this segment often prefer private luxury developers that offer dedicated lifestyle amenities and exclusivity.

As a result, the authority had to reconsider its traditional lottery system to ensure these high-value assets find buyers.

MHADA’s Revised Strategy: Direct Buyer Engagement

MHADA officials confirmed that the sale will be advertised publicly before Diwali 2025. Interested buyers can register directly through the MHADA portal or office, bypassing the need for a lottery draw.

While the advertisement is expected shortly, the exact date of publication is yet to be finalized. This direct sale model is designed to simplify the purchase process and attract serious buyers who may have been deterred by the lottery system in the past.

Crescent Tower’s History and MHADA’s Stake

Crescent Tower became part of MHADA’s portfolio through a redevelopment policy where private builders redeveloped old MHADA buildings and retained a portion of the built-up area. MHADA retained ownership of a number of apartments in return.

Although this redevelopment policy was later scrapped, MHADA continues to hold a stake in these flats, making them part of its premium housing inventory for selective sale.

The MP and MLA Quota Clause

Under the MHADA Act, 2% of the homes in a lottery are reserved for MPs and MLAs. When Crescent Tower was first launched, even political representatives showed interest, highlighting the project’s high-profile appeal.

This quota ensures that elected officials have access to select MHADA properties while maintaining the authority’s allocation rules.

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Market and Buyer Perspective

This initiative reflects a strategic shift in MHADA’s approach, signaling its willingness to engage in the premium segment while continuing its core mission of providing affordable housing.

The first-come, first-served format could appeal to NRIs, HNI buyers, and investors seeking central Mumbai residences, providing them with direct access to high-value flats without waiting for a lottery outcome.

Conclusion

The MHADA to sell apartments move ahead of Diwali 2025 marks a significant evolution in the authority’s strategy. By bypassing the lottery system, MHADA aims to:

• Speed up sales of unsold luxury units.
• Monetize premium assets efficiently.
• Diversify its housing portfolio, blending affordable and high-end offerings.

This approach could set a precedent for future MHADA projects, demonstrating a market-responsive strategy while retaining the authority’s commitment to transparency and buyer engagement.