The demand for housing across Maharashtra continues to grow owing to its capital, Mumbai, the business hub of India. There has been a simultaneous increase in its pricing too. The sale of housing properties increased by approximately 8% in the first three quarters of 2018 as compared to 2017. Much of this can be attributed to the RERA Act and subsequently, MHADA lottery.
Among different aspects that customers need to know about MahaRERA in Maharashtra, the most crucial is that this initiative offers convenient access to affordable housing options. Under this act, the government has promised over 1300 inexpensive houses out of which, 217 have been allotted. Considering the ease that this MHADA lottery scheme brings, there are multiple applicants for it.
Prioritizing their convenience both - eligibility criteria and documentation, are kept nominal that also fastens the application procedure –
Eligibility criteria
The required eligibility criteria to apply under the Maharashtra lottery scheme are listed as follows –
Age: Individuals must be 18 years or above.
Income limit:
LIG flats: Rs. 25,001 - Rs. 50,000.
MIG flats: Rs. 50,001 - Rs. 75,000.
HIG flats: over Rs. 75,000.
Specific paperwork:
PAN Card.
Domicile certificate.
Documentation
Participating in the MHADA lottery requires applicants to furnish these following documents:
School leaving certificate.
Driving license.
Aadhaar card.
Such ease in the application process to be listed under this scheme and convenient availability of home loans makes this scheme beneficial to a majority. However, all that individuals need to do is gain a complete guide to Understand RERA Act in India that regulates this housing scheme and yield its benefits. It also helps potential homebuyers decide upon the income group that they should apply for.
