Mumbai, April 3 -- 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 building 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 negotiations, the price could come down by a few lakhs, but not a crore." The flat is available at a per-square-foot rate of around Rs.44,525. "The prevailing prices in recently constructed buildings in Tardeo are around Rs.60,000 per square foot," the consultant added. The apartment is being sold under the high income group (HIG) category, which is reserved for families with an annual income above Rs.12 lakh. It offers views of the Arabian Sea and the Mahalaxmi Race Course. Each of the 20 floors in Crescent Tower has three apartments. A south Mumbai-based developer, requesting anonymity, told HT that flats in Aaradhya Avaan, an ultra-luxury skyscraper located a kilometre away from Crescent Tower, is selling for around Rs.75,000 per sqft. Just 100 metres from Crescent Tower is The Imperial, one of Mumbai's tallest residential buildings, where real estate prices exceed Rs.75,000 per sqft. However, this is no guarantee that the Rs.6.82-crore flat will find a buyer. Mhada has repeatedly attempted to sell flats at Crescent Tower since 2023, when the high-rise came into the authority's kitty as part of its share of housing stock from redevelopment projects under the Development Control and Promotion Regulations 2034....