In an unexpected Diwali 2025 twist, the Maharashtra Housing and Area Development Authority (MHADA) is preparing to sell its most premium and expensive apartments in South Mumbai, each valued at over ₹7 crore, through a first-come, first-served system.
From Lottery to Direct Sale: A Strategic Shift
These luxury apartments, located in the upscale Crescent Tower, Tardeo, were earlier part of MHADA’s High-Income Group (HIG) category and featured in the last two housing lotteries. Despite their prime location and superior amenities, they failed to attract buyers, prompting MHADA to adopt a more direct sales approach this time.
A senior MHADA official confirmed that the decision was made after both previous lotteries closed without success. “We’re now moving away from the lottery system for these particular flats and offering them directly to interested buyers on a first-come, first-served basis,” the official stated.
Also Read: MHADA Revises Premium Charges & Payment Terms to Boost Redevelopment in Mumbai
Inside Crescent Tower: A Glimpse of Luxury
Built by Shapoorji Pallonji Group, Crescent Tower stands as one of South Mumbai’s most exclusive residential projects. Its residents enjoy panoramic views of the Mahalaxmi Racecourse and the Arabian Sea, along with modern interiors and dedicated staff quarters.
The most expensive unit in the tower—a 3BHK on the 19th floor—is priced at a whopping ₹7.58 crore, while the remaining seven apartments start at around ₹5.93 crore.
MHADA’s Luxury Legacy: A Policy Throwback
Interestingly, Crescent Tower was integrated into MHADA’s portfolio back in 2017 under a redevelopment model that allowed builders to retain a portion of the constructed area. Although this policy was later discontinued, MHADA retained ownership of several apartments in the project.
When Crescent Tower units were first introduced, they became the most expensive in MHADA’s history, sparking debate over the authority’s role in providing “affordable” housing versus entering the luxury housing segment.
Also Read: MHADA’s Bandra and Worli Colonies Get Green Light for Redevelopment
MPs and MLAs Also in the Mix
In line with the MHADA Act, 2% of the total flats sold through the authority’s housing lotteries are reserved for MPs and MLAs. Crescent Tower had also received applications under this quota when it first entered the MHADA housing pool.
Diwali Timeline: Sale Expected Soon
MHADA officials mentioned that the official advertisement announcing the sale is expected by the end of this week, just ahead of Diwali 2025. Once released, interested buyers will be able to register immediately, bypassing the lengthy lottery draw process.
While the exact sale date hasn’t been finalized yet, the announcement has already stirred excitement among affluent buyers eyeing a prestigious South Mumbai address through a government-backed initiative.
In an unexpected Diwali 2025 twist, the Maharashtra Housing and Area Development Authority (MHADA) is preparing to sell its most premium and expensive apartments in South Mumbai, each valued at over ₹7 crore, through a first-come, first-served system.
From Lottery to Direct Sale: A Strategic Shift
These luxury apartments, located in the upscale Crescent Tower, Tardeo, were earlier part of MHADA’s High-Income Group (HIG) category and featured in the last two housing lotteries. Despite their prime location and superior amenities, they failed to attract buyers, prompting MHADA to adopt a more direct sales approach this time.
A senior MHADA official confirmed that the decision was made after both previous lotteries closed without success. “We’re now moving away from the lottery system for these particular flats and offering them directly to interested buyers on a first-come, first-served basis,” the official stated.
Also Read: MHADA Revises Premium Charges & Payment Terms to Boost Redevelopment in Mumbai
Inside Crescent Tower: A Glimpse of Luxury
Built by Shapoorji Pallonji Group, Crescent Tower stands as one of South Mumbai’s most exclusive residential projects. Its residents enjoy panoramic views of the Mahalaxmi Racecourse and the Arabian Sea, along with modern interiors and dedicated staff quarters.
The most expensive unit in the tower—a 3BHK on the 19th floor—is priced at a whopping ₹7.58 crore, while the remaining seven apartments start at around ₹5.93 crore.
MHADA’s Luxury Legacy: A Policy Throwback
Interestingly, Crescent Tower was integrated into MHADA’s portfolio back in 2017 under a redevelopment model that allowed builders to retain a portion of the constructed area. Although this policy was later discontinued, MHADA retained ownership of several apartments in the project.
When Crescent Tower units were first introduced, they became the most expensive in MHADA’s history, sparking debate over the authority’s role in providing “affordable” housing versus entering the luxury housing segment.
Also Read: MHADA’s Bandra and Worli Colonies Get Green Light for Redevelopment
MPs and MLAs Also in the Mix
In line with the MHADA Act, 2% of the total flats sold through the authority’s housing lotteries are reserved for MPs and MLAs. Crescent Tower had also received applications under this quota when it first entered the MHADA housing pool.
Diwali Timeline: Sale Expected Soon
MHADA officials mentioned that the official advertisement announcing the sale is expected by the end of this week, just ahead of Diwali 2025. Once released, interested buyers will be able to register immediately, bypassing the lengthy lottery draw process.
While the exact sale date hasn’t been finalized yet, the announcement has already stirred excitement among affluent buyers eyeing a prestigious South Mumbai address through a government-backed initiative.
