MHADA Lottery: Know about MHADA Lottery Scheme in Maharashtra
The MHADA housing scheme provides affordable homes
The scheme caters to various income groups
Only residents of Maharashtra are eligible for the scheme
You can use PMAY subsidies to purchase a MHADA home
The Maharashtra Housing and Area Development Authority, also known as MHADA, has schemes that give the residents of Maharashtra access to affordable residential property. The MHADA Mumbai scheme offers over 1,300 low-cost houses via a lottery system and the applicants are segregated based on their income. The cost of these houses or flats ranges from Rs.14.6 lakh to Rs.5.8 crore and varies depending on the income group. As per the authorities, in 2019 63 flats were to be allotted to the economically weaker section (EWS), 126 to low-income group (LIG) applicants, 201 to middle-income group (MIG) applicants and 194 units to high-income group (HIG) applicants.
Now that you’ve got a basic understanding of what the scheme is about, take a look at the information you should be aware of before you apply for the MHADA lottery scheme
Eligibility Criteria for Maharashtra Lottery Scheme
Listed below are the criteria you must meet in order to be eligible for the Maharashtra lottery scheme
- You must be over the age of 18 years
- You must have a domicile certificate that shows you to be a resident of Maharashtra
- You must have a PAN card
- You must be salaried
Note that you can’t apply on behalf of your minor children and you also can’t apply if you’re a beneficiary of any other MHADA lottery scheme
Moreover, you can apply for a home based on your monthly income. Take a look at the eligibility criteria with regards to this.
- If your monthly income is between Rs.25,001 and Rs.50,000, you can apply for LIG flats
- If your monthly income is between Rs.50,001 and Rs.75,000, you can apply for MIG flats
- If your monthly income is over Rs.75,000, you can apply for HIG flats
How to Make Home Renovation Budget Friendly
In order to prove your eligibility, here are the documents you will need to provide when you apply for the MHADA housing scheme.
- Aadhaar card
- PAN card
- Domicile certificate
- Voter’s ID
- Birth certificate
- Driver’s license
- School leaving certificate
Pricing of Houses under the MHADA Scheme
The authority governing the scheme has set fixed prices for the units available under the MHADA lottery housing scheme. These are as follows.
- Units available to EWS applicants are priced under Rs.20 lakh
- Units for LIG applicants are priced between Rs.20 lakh and Rs.30 lakh
- Units earmarked for MIG applicants are priced between Rs.35 lakh and Rs.60 lakh
- Units for sale to HIG applicants are priced between Rs.60 lakh and Rs.5.8 crore
MHADA Application Process
Now that you are familiar with all the particulars of the scheme, here is the easy application process you need to follow.
- Log on to MHADA’s official website and register by creating an account
- Then, visit https://lottery.mhada.gov.in/OnlineApplication/Pune/ if you wish to apply for the MHADA Pune scheme or https://lottery.mhada.gov.in/OnlineApplication/Mumbai if you are applying for MHADA Mumbai scheme.
- Fill out the MHADA online form for the city of your choice with basic information
- As per your income group, select the lottery and scheme you wish to participate in
- Print your application acknowledgement for future reference
- Use any of the available online payment methods to make your payment and complete the process
Housing schemes are a great way to reduce the cost of becoming a homeowner. Moreover, these units are newly developed and hence may offer better amenities than other apartments. However, a 2018 report highlighted that of the 9,000 houses listed under the MHADA lottery scheme, over 10% were lying vacant. This is because many of these units are earmarked for the Pradhan Mantri Awas Yojana (PMAY) and there aren’t enough applicants availing them. This is why it is a good idea to consider applying through PMAY so that you can enjoy a hefty interest subsidy to the tune of Rs.2.67 lakh. The Bajaj Housing Finance Limited Home Loan is one option that facilitates application via PMAY.
Through the BHFL Home Loan, you can get up to Rs.3.5 crore as a sanction to either buy, build or renovate your home. Additionally, you benefit from a nominal interest rate and a flexible tenor of up to 240 months. You can also expedite the application process by applying online. But first, check your pre-approved offer as you can apply using a customized offering that suits your financial profile.
MHADA Lottery Scheme in Maharashtra: Here’s all you need to know about the MHADA lottery scheme from eligibility criteria to pricing. Read on to know the detailed information about MHADA Lottery housing scheme.
In this article, we will provide all the information you need about the Maharashtra State Lottery. The following three questions will be answered:
- How does the Maharashtra state lottery work?
- Where can I find Maharashtra lottery results and lottery tickets?
- What are the benefits and the drawbacks of the Maharashtra state lottery?
The Maharashtra State Lottery
Maharashtra is a state in the western and central parts of India. The Maharashtra state is the second most populated state in the country with a population of about 113 million people.
Maharashtra is one of the states in India that holds a government-run lottery. The Maharashtra lottery is a very popular daily event which is pursued under the rules and regulations stated by the federal government.
Similar to the other government-run lotteries the Maharashtra State Lottery is following the Kerala state lottery model. The State Kerala lottery was founded in 1967 as all private lotteries were banned. Instead, the government of Kerala instituted a lottery that would guarantee a righteous and trustworthy gambling organizer. This model stated a good example followed by many other states such as Maharashtra.
Maharashtra Rajya Lottery Mechanics
The Rajya Maharashtra Lottery provides an opportunity for the citizens to participate in a game of large prize amounts at a low cost. Participation in the lottery is also a contribution to the state’s social welfare as the revenue generated from the lottery is committed to financial support to underprivileged people.
A lottery ticket price normally ranges from about 30 to 50 rupees
The Rajya Maharashtra Lottery is running daily draws every day of the week and in addition to that, they also conduct Bumper draws and the Vaibhavlaxmi lottery where prize money is higher. A lottery ticket price normally ranges from about 30 to 50 rupees but is slightly more expensive when playing the Bumper lotteries.
The Maharashtra lottery results are presented online on the official Maharashtra state government website. The draws are conducted every day at 4.00 PM (IST). Lottery tickets can be bought online or at any of the authorized resellers around the state.
Maharashtra Vaibhavlaxmi Lottery
Besides the daily lottery, the Maharashtra state lotteries also conduct the Vaibhavlaxmi lottery every Friday. The first prize of the Vaibhavlaxmi lottery is 7 lakhs rupees and the second prize is 2000 rupees.
Maharashtra Bumper Lotteries
Bumper Lotteries are held in connection to the big Indian holidays throughout the year. The Maharashtra New Year Bumper Lottery is one of the most attained lotteries of the year and the first prize in the 2020 new year bumper draw was Rs 50 Lakh.
The ticket price to participate in a Bumper Lottery is a bit more pricy than an average everyday lottery ticket – but the prize money is usually much higher.
Benefits and drawbacks of the Maharashtra Lottery
The lottery is a good example of government-run gambling. Most people can afford to participate in a fun game with the chance of winning a lot of money. The lottery is easily accessible and does not require any online registration as the tickets are sold by numerous resellers.
The most outstanding benefit of the Maharashtra state lottery might be the fact that the profit generated from the lottery is reinvested in areas such as health and education facilities, women and child welfare, and the state’s infrastructure.
The drawback of the government-run lotteries in India is the high house edges. For you as a gambler, the chances of winning are remarkably low in comparison to other gambling such as online casinos or sports betting.
The Maharashtra lottery has a house edge of about 50%. This means that you, mathematically, are expected to lose 50% on every single bet. In other gambling such as, for instance, casino games the house edge can be down to 1-5%, which is quite substantially better odds for you as a gambler.
If you are looking to make the most possible profit from your gambling investment the online betting sites are offering much more beneficial house edges. No homegrown bookmakers or casinos are allowed in the state of Maharashtra or any other state in India, but the offshore online betting platforms are offering a complete gambling experience accessible for all of the Indian people.
✅ Maharashtra Lottery is one of the most popular lotteries in India ✅ A Guide to Maharashtra State Lottery ✅ Where to play and how to play.