The BMC Housing Lottery embodies the Hindi proverb, “What is the use of being as big as a palm tree, with no shade for the birds, leave alone fruits?” The prices of the houses included in BMC’s first lottery with a budget of ₹74,000 crore are so high that they are out of the reach of the common Mumbaikar. This is the reason why only 1,943 people have deposited the deposit for 426 BMC houses.
The last date to log in for the lottery was November 14. Housing experts believe that the BMC lottery has not received a good response. Citing the example of Maharashtra Housing and Area Development Authority (MHADA) Mumbai board lottery, experts said the BMC lottery received very low response.
Applications are being accepted from October 16th.
A senior BMC official said that despite it being the first lottery in such a short time, about five people applied for every house, which is a good response. BMC has decided to conduct lottery for 426 houses available under Project Affected People (PAP) in Mumbai. The application process started from 16 October. According to information received from BMC, till the evening of November 14, 26,466 people had applied. 2,658 people submitted the form by paying a fee of ₹1,180, while 1,943 people completed the process by paying a deposit of ₹11,000 for the flat.
What are the loan rules?
The price of BMC houses ranges from ₹54 lakh to ₹1 crore. These flats are for Economically Weaker Section (EWS) and Low Income Group (LIG). Housing experts say the income limit for EWS is ₹6 lakh, while the annual income limit for LIG is ₹9 lakh. Considering this income, a person earning ₹6 lakh will be able to get a home loan of only ₹30 lakh. So if the price of the flat is ₹54 lakh, where will you get the remaining amount from?