Mumbai: Maharashtra’s voters have spoken, and as the state awaits the formation of a new government, the real estate sector is abuzz with anticipation. The industry, a significant contributor to the state’s economy, is looking for bold reforms to address persistent challenges, including regulatory delays, infrastructure constraints, and housing affordability.
Stakeholders in the sector have outlined their expectations, urging the new administration to streamline approval processes, ensure policy clarity, and prioritize infrastructure development. With the Mumbai Metropolitan Region (MMR) witnessing rapid urban expansion, supportive policies could propel the sector to new heights.
Dr. Niranjan Hiranandani, Chairman of the National Real Estate Development Council (NAREDCO), emphasized the urgency of expediting critical infrastructure projects such as metro rail networks, expressways, and ports. “Seamless connectivity is essential for economic growth. Simultaneously, we must focus on developing new cities across the Atal Setu region in a planned, sustainable manner to distribute economic opportunities equitably,” he said.
Highlighting Mumbai’s pivotal role as a commercial hub, Hiranandani called for measures to attract global investments in sectors like IT, BFSI, manufacturing, and warehousing. He also stressed the importance of addressing the city’s housing crisis with a transformative vision for a slum-free Mumbai. “Robust collaboration between urban planners, developers, and government agencies is essential to ensure inclusive housing and dignified living conditions for all,” he added.
Prashant Sharma, President of NAREDCO Maharashtra, echoed these sentiments, calling for governance that fosters growth and investment. “Key priorities include faster clearances, improved ease of doing business, and policies that promote affordable housing. A collaborative approach can ensure that Maharashtra remains a leader in infrastructure and housing innovation,” he said.
Jitendra Mehta, President, CREDAI MCHI Thane said, “The new government should have policies that make housing easier to create besides a fast-paced infrastructure development that makes commute to work from peripheral areas, and a business-friendly atmosphere which will make ease of doing business a reality with time-bound, single window clearances.”
Other industry leaders shared their vision for the sector’s future under the new government. Shraddha Kedia-Agarwal, Director at Transcon Developers, highlighted the need for a single-window clearance system, rationalized stamp duties, and innovative financial support for developers. “Strengthening infrastructure around growth corridors and supporting sustainable urban development will catalyze sectoral growth,” she noted.
Vedanshu Kedia, Director at Prescon Group, underscored the importance of urban regeneration through slum rehabilitation and city beautification projects. “Fostering an investment-friendly ecosystem with regulatory consistency and infrastructure upgrades will enhance Maharashtra’s real estate appeal,” he said.
Meanwhile, Rohan Khatau, Director at CCI Projects, emphasized the need for policy frameworks that simplify regulatory processes. “Reducing the tax burden, including stamp duty and GST, and ensuring smoother project execution can unlock the sector’s potential, making Maharashtra a global investment hub,” he said.
As the new government prepares to take charge, the real estate industry is optimistic about a forward-looking partnership that could transform Maharashtra’s urban landscape and bolster its economy. The onus now lies on policymakers to align with these aspirations and drive the state toward sustainable growth.
