Stating that the state government is sympathetic towards the housing needs of mill workers, Maharashtra Housing Minister Atul Save called upon developers to come forward and build 1.25 lakh homes for the mill workers who have been waiting for the same since long.
The minister was addressing gathering after inaugurating third edition of The Real Estate Forum on Thursday.
Save also said that in order to boost affordable and overall housing in the state, the government may consider the real estate developers’ demand of granting further concessions in registration and stamp duty.
“NAREDCO Maharashtra, on behalf of its members, have requested for further concessions in stamp duty and registration of housing properties in order to boost housing sales. The Government will think about granting any such further concessions,” Save said.
Emphasizing on the Central Government’s push to affordable housing and ‘Housing for All’, Save mentioned that the State Government had already given one percent reduction on registration to women who wanted to buy a residential property. “We will also think of what other concessions for registration could we extend,” he said and added that major suggestions coming from the NAREDCO’s forum would be considered in the new housing policy.
“We have announced reduction in the cost of MHADA houses on declared price with respect to the surplus tenements received under Sections 33(5) and 33(7) only. MHADA has a stock of 2000 houses and we have received 30,000 applications,” he informed. Acknowledging NAREDCO’s submission about lesser pricing of MHADA houses in Pune, Save promised that the matter would be put up for discussion in the MHADA Board.
The Additional Chief Secretary, Housing Department, Government of Maharashtra, Valsa Nair Singh informed that the government will soon introduce new policies such as Amnesty scheme for stalled SRA projects and the new PAP Policy for timely completion of redevelopment projects.
Thd Chairman of NAREDCO National, Dr Niranjan Hiranandani formally requested the state government to allocate 5,000 slum redevelopment projects to the industry body. He said, “This initiative is a significant step towards strengthening Public-Private Partnerships (PPP) and redefining the landscape of Mumbai’s real estate sector. By spearheading this endeavour, NAREDCO aims to play a pivotal role in transforming Mumbai into a slum-free city, setting a benchmark for urban redevelopment and inclusive growth.”
President of NAREDCO Maharashtra, Prashant Sharma commented on the recent developments and challenges in the Indian residential sector. He said, “This year’s theme underscores the Indian residential sector as a beacon of growth and optimism. The market has seen unprecedented expansion since the pandemic, with Mumbai and Pune leading a revival that accounted for nearly 54% of new launches last year. This surge is driven by rising incomes, economic development, demographic benefits, and supportive government policies.”
“The Pradhan Mantri Awas Yojana, one of the world’s largest housing schemes, aims to add three crore houses nationwide, while Maharashtra’s major redevelopment projects, including the Dharavi Redevelopment Scheme, are pushing progress forward. Additionally, the Pradhan Mantri Awas Yojana will provide one million housing units for marginalised communities. Despite this growth, rising housing prices are creating affordability challenges. To maintain competitiveness and attract investment, it is crucial to review and adjust government fees and limits, as current premiums are deterring developers from taking on redevelopment projects,” Sharma added.
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“As nation builders, we must address the gap in affordable housing, which remains a challenge with current redevelopment costs. Moreover, current regulations hinder the creation of iconic structures in Mumbai, limiting architectural innovation. With RERA’s stringent oversight for seven years, it’s time to reassess its impact on business operations,” Vice Chairman of NAREDCO India, Rajan Bandelkar saidwhile Vice Chairman, NAREDCO Maharashtra, Sandeep Runwal discussed the current state of the residential real estate market and said,”At the Real Estate Forum, we’re witnessing unprecedented growth and engagement, reflecting the thriving residential sector’s recovery since the pandemic. In Mumbai, the residential market has surged by 30-40%, with increasing demand for larger homes and improved lifestyles. NAREDCO remains committed to enhancing Mumbai’s development through strategic partnerships.”
