India, April 2 -- The Maharashtra Housing and Area Development Authority's (Mhada's) latest lottery for 2,640 affordable flats in the city appears to have significantly stretched the definition of affordable, if the price of the costliest apartment available in the draw is anything to go by- Rs.6.82 crore.

However, the 1,531.7 square-foot, 3 BHK flat on the 19th floor of Crescent Tower, a 20-storey high-rise in south Mumbai's Tardeo, is available at a relative steal if the prevailing market rates in the area are anything to go by.

"A similar configuration 3 BHK apartment sized 1,531.70 sqft in the same Crescent Tower is available in the resale market for Rs.8 crore," said a property consultant in Tardeo, requesting anonymity. "Post nego...