India, Oct. 9 -- The Maharashtra Housing and Area Development Authority's (Mhada) most expensive apartments-going up to Rs.7.58 crore-remain unsold even after two lottery draws, one in 2023, and another in 2024. While they drew in several applicants, many backed out, making Mhada reconsider its decision to make these luxury apartments available through a lottery.

In the 2023 lottery, eight of Mhada's most expensive flats at the Crescent Tower in Tardeo, were up for grabs at prices ranging from Rs.7.58 crore for a 1,532 sq.ft 19th floor apartment, to Rs.5.93 crore for the smallest of the eight. With no takers, the flats went back into the lottery pool in 2024, where the initial 43 applicants eventually all backed out.

Crescent Tower, bui...