MHADA is set to sell apartments worth over ₹7 crore in South Mumbai, breaking from its traditional lottery system to move the units ahead of Diwali 2025.
Crescent Tower in Tardeo Offers Luxury Views
The Maharashtra Housing and Area Development Authority (MHADA) will offer the most expensive luxury apartments in South Mumbai through a first-come, first-served model. The decision to abandon the lottery system comes after previous attempts to sell high-income group (HIG) units failed to attract buyers. The project, located in Crescent Tower, Tardeo, was developed in collaboration with the Shapoorji Pallonji Group. It features apartments with views of the Mahalaxmi Race Course and the Arabian Sea.
According to MHADA officials, the 19th-floor 3BHK unit will be sold at ₹7.58 crore, including exclusive staff quarters. The other seven units are priced starting from ₹5.93 crore. These units remained unsold in earlier lotteries and are now being marketed directly to the public. The authority expects the advertisement for the public sale to be released by the end of the week, though the exact date has not been finalized.
Retention Policy Created the Portfolio
Crescent Tower entered MHADA’s portfolio in 2017 when the redevelopment of older properties allowed builders to retain a portion of the built-up area. Although the policy permitting such retention was later scrapped, MHADA retained ownership stakes in these apartments. Initially, these luxury flats drew attention due to their high price point, which challenged MHADA’s long-standing image as a provider of affordable housing. The flats also attracted interest from MPs and MLAs, who have a reserved quota under MHADA regulations.
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The 2% quota for MPs and MLAs under the MHADA Act highlights the strategic importance of these luxury units. By switching to a direct sale, MHADA aims to ensure the apartments find buyers before the festive season. This move also reinforces the authority’s ability to manage a range of housing categories, from affordable to premium.
The move reflects a broader trend in Mumbai’s real estate market, where high-quality, well-located residential properties continue to see robust demand. The city remains one of India’s most active markets for luxury housing, with both domestic and high-net-worth buyers seeking prime properties. Crescent Tower’s South Mumbai location and scenic views make it a highly desirable offering in the premium segment.
While MHADA focuses on these high-value sales, it has recently launched lotteries for affordable housing in Nashik and the Konkan region. The authority announced the Nashik EWS housing lottery, offering flats starting at ₹5.48 lakh. It also announced the 2025 Konkan Lottery across key locations in the Mumbai Metropolitan Region (MMR), providing units for EWS, LIG, and MIG categories.
