City and Industrial Development Corporation Maharashtra has planned to provide 90,000 homes under its mega CIDCO Lucky Draw Housing Scheme in Navi Mumbai. This CIDCO lucky draw 2019 would be a part of the Prime Minister’s flagship “Housing For All (HFA) by 2022” scheme. All the affordable houses would be sold through lottery by July end or August 2019.
All the flats under CIDCO Maharashtra Lucky Draw Housing Scheme 2019 are meant for economically weaker sections (EWS) and low-income groups (LIG). These new houses would be constructed under the Pradhan Mantri Awas Yojana (PMAY) housing scheme.
CIDCO has all the permission in place and till the June end, the tender for construction of 90,000 flats would be opened by July or August. All of these newly constructed houses would be put up for sale through a lottery.
CIDCO Maharashtra Lucky Draw Housing Scheme 2019
CIDCO Maharashtra will provide around 90,000 affordable houses under this new Lucky Draw Housing Scheme 2019. The prices of these houses would be 20% to 30% cheaper than those offered by private developers in the open market. Moreover, buyers will get more flexibility in making payment and all the lottery winners can pay for homes as the construction progresses. Just like the previous CIDCO scheme for 14,000 homes, this scheme will also remain hit.
CIDCO Lucky Draw 2019 Scheme has caused a stir in the Mumbai’s real estate market. There is already a demand of 2 lakh homes and supply is almost nil. But the quality and location of CIDCO houses is not as desirable as those homes offered by private developers. Private developer choose sites close to railway stations, markets, schools and thus asks for higher premium amount.
However, the new CIDCO Maharashtra housing scheme is going to boost development of local infrastructure. Moreover, the CIDCO’s affordable housing scheme will help buyers who cannot afford a private project. As the houses offered by either CIDCO or MHADA are affordable, so every year there are so many applicants for housing lotteries. It is expected that the project would bring much needed correction in an overpriced market.
All the houses provided by CIDCO are cheaper and comes at reasonable rates. In addition to this, there is no cheating, fraud or delay in the housing projects. A buyer feels more confident in buying a government-developed house. In the area, government rates range in the Rs. 4,500 to 5,000 per sq.ft bracket. This ready reckoner rate varies from area to area. CIDCO is selling houses at Rs 6,000 per sq.ft as compared to Rs. 9,000 per sq.ft price of a private developer.