As Diwali 2025 approaches, the Maharashtra Housing and Area Development Authority (MHADA) is set to put its most expensive luxury apartments in South Mumbai on sale on a first-come, first-served basis, breaking away from its traditional lottery system. The move comes after the previous two lotteries for high-income group (HIG) apartments failed to attract buyers, prompting the authority to adopt a more direct approach to sell these premium units.
The apartments, located in Crescent Tower, Tardeo, are part of MHADA’s portfolio of high-end residential offerings. Built in collaboration with the Shapoorji Pallonji Group, Crescent Tower was originally designed under the HIG category and offers unparalleled views of the Mahalaxmi Race Course and the Arabian Sea. The project represents a rare opportunity for buyers to own MHADA-managed luxury flats in one of Mumbai’s most prestigious neighborhoods.
According to MHADA officials, the 19th-floor 3BHK unit, the most expensive in the building, will be sold at ₹7.58 crore, including exclusive staff quarters. The other seven units are priced starting from ₹5.93 crore upwards. These units, which remained unsold in previous lotteries, will now be marketed publicly, allowing interested buyers to register directly, bypassing the uncertainty of the lottery system. MHADA expects the advertisement for public sale to be released by the end of the week ahead of Diwali, although the exact date is yet to be finalized.
The Crescent Tower project was incorporated into 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, preserving them as part of its premium housing portfolio. Initially, these luxury apartments drew considerable attention due to their high price point, which challenged MHADA’s long-standing image as a provider of affordable housing. Notably, the flats also attracted interest from MPs and MLAs, who have a reserved quota under MHADA regulations.
As per the MHADA Act, 2% of homes in lotteries are reserved for MPs and MLAs, further highlighting the strategic importance and exclusivity of these luxury units. With the sale moving away from the lottery model, MHADA aims to ensure these apartments find buyers ahead of the festive season, while also reinforcing its ability to manage a range of housing categories from affordable to premium.
This development comes amid a broader trend in Mumbai’s real estate market, which continues to see robust demand for high-quality, well-located residential properties. Mumbai remains one of India’s most active markets for luxury housing, with both domestic and high-net-worth buyers seeking prime properties that combine location, amenities, and investment potential. Crescent Tower’s South Mumbai location, scenic views, and HIG classification make it a highly desirable offering in the city’s premium segment.
MHADA recently launched the Nashik EWS housing lottery, offering affordable flats starting at ₹5.48 lakh to support lower-income households. The authority also announced the 2025 Konkan Lottery across key MMR locations, providing EWS, LIG, and MIG units to ensure fair and inclusive housing allocation.
Image source- mhada.gov.in
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