SBI Plans to Buy 24 MHADA Apartments in Mumbai

State Bank of India plans to acquire 24 Mumbai apartments offered by MHADA under its First Come, First Served scheme, highlighting institutional demand for ready-to-move housing and supporting the sale of unsold inventory.

It is reported that State Bank of India (SBI) has shown its intent to purchase 24 apartments from Maharashtra Housing & Area Development Authority (MHADA) through the FCFS route in Mumbai. This acquisition will be of considerable importance as an institution showing its interest in the ready-to-move inventory of the housing agency and help the MHADA in reducing its inventory of unsold housing units.

According to the MHADA representatives, SBI has officially intimated that it would like to buy the apartments, and talks are going on between both the organizations at present. Now, the authority needs to consider various aspects such as the location of the flats, prices, and other business terms before concluding the deal.

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Apartments are among the 118 houses offered by the MHADA using the FCFS basis, having failed to be purchased in two lottery rounds earlier. According to MHADA regulations, houses which cannot be allotted by means of lottery can later be offered to interested parties on a FCFS basis, thus allowing them to buy a house without going through the process of a lottery again.

The existing apartments are dispersed across different areas within Mumbai, such as Kandivali, Charkop, Shimpoli, Antop Hill, Wadala, Powai, Malad, Mankhurd, Ghatkopar, Vikhroli, Byculla, Tardeo, Lower Parel, Sion, Juhu, and Andheri. Over 70 percent of the apartments are available at the price below ₹2 crores, whereas premium apartments situated in South Mumbai and other prime locations range from ₹2 crores to ₹8 crores. The costliest apartment in Tardeo costs about ₹8 crores.

According to industry specialists, acquisitions by organizations like SBI will help absorb the existing supply of ready homes faster, while at the same time giving quality houses to its staff members. These bulk acquisitions will also assist housing bodies in generating revenue from their unsold housing units.

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In case this intended acquisition is done successfully, then it will certainly be among the prominent examples of acquisition within the FCFS program that MHADA operates. This will build the faith in the housing stock owned by the institution while also showing the public institution’s capacity to make use of available residential properties in Mumbai.