MHADA's Diwali 2025 Offering: Exclusive South Mumbai Apartments Priced Above ₹7 Crore Now Available on First-Come Basis

The Maharashtra Housing and Area Development Authority has announced plans to release a collection of ultra-luxury apartments in South Mumbai during the Diwali festive season of 2025, with units priced over ₹7 crore being made available through a direct purchase mechanism.

These high-value residential units, which remained unsold through two previous lottery rounds designated for the high-income group category, will now be offered on a first-come, first-served basis. Industry observers suggest the move represents a strategic repositioning by MHADA as it seeks to balance its affordable housing mandate with aspirational real estate offerings in Mumbai's luxury property market.

Premium Address at Crescent Tower in Tardeo

The luxury apartments in question are located within Crescent Tower in Tardeo, one of South Mumbai's most prestigious addresses. The building offers residents panoramic views of the iconic Mahalaxmi Race Course and the Arabian Sea, positioning it among the city's most sought-after residential addresses.

Developed under the construction expertise of the Shapoorji Pallonji Group, Crescent Tower has been described as MHADA's flagship high-end property development. Real estate analysts note that these units represent more than standard accommodation, being designed to cater to buyers seeking premium finishes and elite locations.

Pricing Structure and Unit Details

Among the available inventory, a three-bedroom apartment with a dedicated staff quarter on the 19th floor has been priced at approximately ₹7.58 crore. The remaining seven units in the offering carry price tags starting from around ₹5.93 crore, with variations based on floor level, layout configuration, and view quality.

These apartments were initially part of MHADA's lottery allocation system for the high-income group category, but failed to attract successful bidders across two previous draws. The housing authority has now decided to bypass the lottery mechanism and offer the units through a formal advertisement campaign, allowing eligible buyers to register directly for purchase.

Strategic Rationale Behind the Direct Sale Approach

Multiple factors appear to be driving MHADA's decision to shift from lottery-based allocation to direct sales for these premium units. The unsold inventory from previous lottery rounds has prompted the authority to explore alternative distribution channels that may better match the units with prospective buyers.

The initiative also signals MHADA's evolving identity in India's luxury housing market, as the state-backed organization seeks to demonstrate its capacity to deliver high-end residential projects alongside its traditional affordable housing portfolio. The involvement in Crescent Tower stems from historical redevelopment policies that allowed developers to retain certain development rights, though such arrangements are no longer active.

By transitioning to an open advertisement model, MHADA appears to be prioritizing accessibility and transparency, enabling interested buyers with the financial capability to proceed directly without depending on lottery-based chance allocation.

Key Considerations for Prospective Buyers

Interested purchasers will need to respond promptly once the formal advertisement is released, as the sale operates on a first-come, first-served basis. While these units fall under the high-income group classification, prospective buyers must ensure comprehensive documentation and financial readiness to meet eligibility requirements.

The launch comes at a time when Mumbai's real estate sector is experiencing heightened demand for premium developments, particularly in South Mumbai where available land for new luxury projects remains extremely limited. Similar trends have been observed across Mumbai's luxury real estate segments, with strong buyer interest in high-end properties.

For MHADA, the success of this initiative could set a precedent for future high-value offerings and help establish the authority's credentials in the premium segment. For buyers, the opportunity represents access to what may be among the most prestigious MHADA-associated addresses ever made available to the public.

Disclaimer: This article is for informational purposes only and does not constitute financial, legal, or investment advice. Prospective buyers are advised to conduct thorough due diligence and consult with qualified professionals before making any property purchase decisions. Property prices, availability, and terms mentioned are based on information available at the time of writing and are subject to change without notice.