Maharashtra remains in focus as a predominant real estate center since its capital, Mumbai, continues to prosper as the financial capital of India. Property seekers take an overwhelming interest in making real estate investments in Maharashtra owing to the capital appreciation happening throughout the last decade.

Such interests are fuelled by rising employment opportunities resulting in Maharashtra securing the top rank in net migration with 2.3 million migrants. Subsequently, the requirement for rental properties around its business capital increased to almost 21.72 million urban households.

The rising cost of cumulative rent accompanied by the restriction of rental terms and conditions has led to a major surge in the trend of purchasing houses. One major hurdle in this process is the escalated cost of real estate due to hiked demands.

In an attempt to ease such a situation, multiple Government endeavours have been formulated. Such endeavours attempt to streamline the purchasing procedure and mitigate the impending financial burden involved in property acquisition. This includes Maharashtra lottery scheme under the PMAY endeavour.

This scheme comes with a host of features that make it a preferred option for all potential homebuyers. Such schemes have been launched to ease the purchase procedure, which is why it is essential to know about MHADA Lottery Scheme in Maharashtra before purchasing a real estate property –

  1. The benefit of the Maharashtra Lottery Scheme 2019-2020

The RERA Maharashtra Act was launched as a part of the PMAY scheme to safeguard the interest of prospective house owners. Following this, the MHADA targeted to build approximately 12,000 houses in Mumbai alone by 2020. Such houses bring with it multifaceted benefits of –

  1. An affordable pricing.
  2. Ease of availability to such residential space to all irrespective of their income slab.

While such housing schemes help lower the prices of houses considerably, one can also opt for home loans from reputed NBFCs to fund their purchase. These advances comply with the PMAY scheme and offer a subsidised rate of interest on their loan.

  1. Pricing of houses under MHADA scheme

Under the Maharashtra lottery scheme, housing is available to all slabs of  income tax at affordable pricing. Applicants are segregated in categories depending on their annual income; these are the following –

  • EWS (monthly income of up to Rs. 25,000) – Units under Rs. 20 Lakh
  • LIG (monthly income is between Rs. 25,001 and Rs. 50,000) – Units between Rs. 20 Lakh and Rs. 30 Lakh
  • MIG (monthly income is between Rs. 50,001 and Rs. 75,000) – Units between Rs. 35 Lakh and Rs. 60 Lakh
  • HIG (monthly income is above Rs. 75,001) – Units between Rs. 60 Lakh and Rs. 5.8 Crore
  1. Eligibility required for this scheme

Considering that the MHADA scheme caters to the requirement of individuals hailing from different financial background, the eligibility criteria have been kept to a bare minimum. It is an important aspect that everyone should know  about the RERA Act in Maharashtra –

  • Applicant must be above 18 years of age.
  • He/she must be a salaried individual.
  • Must possess a domicile certificate proving their residence in Maharashtra.
  • He/she must hold a PAN Card.
  1. Important dates of this scheme for 2019-2020

Here are a few dates that are important for those planning to apply for MHADA –

  1. Last date of online registration: 1st November 2019
  2. Last date on online payment: 2nd November 2019
  3. Release date of a list of accepted applications: 14th November 2019
  4. MHADA lottery result: 19th November 2019
  1. How to apply?

The application process of this scheme is streamlined for the convenience of potential homeowners –

Step 1: Visit the official website of MHADA.

Step 2: Choose between Pune MHADA or Mumbai MHADA.

Step 3: Fill in an online application form for the city of your choice.

Step 4: Select a lottery that caters to your income slab.

Step 5: Print out the acknowledgment slip of your application.

This is followed by the payment for this scheme to complete the procedure. With the added financial aid via housing loans, purchasing residential spaces is easier than before under the Maharashtra Lottery Scheme 2019-2020. You can also continue saving tax when you take a home loan both against principal and