The Maharashtra Housing and Area Development Authority (MHADA) has quoted the price of a flat in Cumbala Hill at Rs 5.80 crore, making it the most expensive flat ever up for sale in a MHADA lottery. The house, measuring 965 sq.ft carpet area, is located on the third floor in a 22-storey building, named Dhavalgiri. This was part of the 1,384-house lottery announced by MHADA chairman Madhu Chavan on Saturday.On the other end of the spectrum is a 179 sq.ft flat in Chandivali, priced at Rs 14.61 lakh, making it the cheapest flat up for sale in this lottery.If the Cumbala Hill is purchased for the quoted price, it would eclipse the flat in Lower Parel, which was hitherto the most expensive flat sold by MHADA, after it went for Rs 1.96 crore in November 2017. But if the price quoted by MHADA appears steep, it must be taken in perspective with the cost of other flats in the same Cumbala Hill building. Rajiv Jain, a realtor from south Mumbai, said, "The ongoing price of flats in this building is between Rs 6.5 crore and Rs 7 crore, and the price quoted by MHADA is a bit less."

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The upcoming lottery will, in fact, feature three flats from this building. While the most expensive one goes for Rs 5.80 crore, the other two are being sold at Rs 5.13 crore and Rs 4.99 crore.

Registration for the lottery will begin on Monday and will end on December 10. The lottery will take place at MHADA headquarters in Bandra on December 16. The lottery will also feature houses which were returned last year by people who couldn't afford the prices. And these flats would also be sold with a price drop. For example, Lower Parel flats which were sold at Rs 1.42 crore last year are being offered at Rs 99 lakh this year, and flats which were sold at Rs 1.96 crore last year will be sold at Rs 1.36 crore this year.

A total of 1,384 houses will be up for grabs in the lottery, including areas like Cumbala Hill, Matunga, Sion, Powai, Pratiksha Nagar, Mankhurd, Mulund, Siddharth Nagar, etc. "Our aim was to get the lottery done before Diwali, and we have announced it. The sale of all the flats will help MHADA earn Rs 587.11 crore."The biggest flat of all is a 3BHK located in Matunga's Tanishq building, measuring above 1,000 sq.ft, which is being sold at Rs 2.35 crore.