Real Estate Mumbai

The government of Maharashtra is gearing up to give a significant push to the real estate sector in the state. State Housing Minister Atul Save recently announced that the government is planning to make crucial changes to the state’s housing policy to turn the vision of ‘Housing For All’ into a reality. The aim is to ensure that every citizen of Maharashtra has access to their own home, whether through MHADA or SRA developments or other means. Additionally, the government intends to encourage new investments in the housing sector to boost affordable housing.

Minister Save emphasized the government’s focus on increasing housing availability in Mumbai and the entire state. The objective is to provide robust support to the real estate sector, attract fresh investments, and work towards the realisation of ‘Housing for All.’ The government believes in aligning with Prime Minister Narendra Modi’s PM Awaas Yojana, which envisions providing housing for all.

The government of Maharashtra is actively working on revamping the state’s housing policy to make ‘Housing for All’ a reality. This comprehensive policy overhaul aims to address long-standing issues in the housing sector. Approximately 50% of the city’s population still resides in slums, and around 20-30% of these slums require redevelopment. The government plans to engage with stakeholders to find solutions to these pending issues.

The demand for housing in the state is substantial, as indicated by the reception of over 200,000 applications for just 4,000 homes developed by MHADA. This highlights the urgent need for more real estate development. Minister Save urged real estate developers to participate in the redevelopment of SRA and MHADA projects and support the second phase of PMAY.

In another development, Maharashtra’s Deputy Chief Minister Devendra Fadnavis expressed concern over the high interest rates charged by MHADA to real estate developers. He emphasized the need to bring these interest rates in line with those charged by the Municipal Corporation of Greater Mumbai (MCGM). Fadnavis pledged to review the matter and request MHADA to propose a reduction in the current 18% compounded interest rate, aiming to align it with banking standards.

Furthermore, the Maharashtra Housing and Area Development Authority (MHADA) is set to implement a Geographical Information System (GIS)-based asset and inventory management system. This system will enhance land and property management by providing quick access to information on land holdings, potential development areas, encroachments, reservations, and available vacant lands. It will use satellite imagery for precise mapping and will consolidate records to streamline land utilization and planning.

If the initiatives proposed by the state government are implemented at the earliest, it will not only help in solving the increasing housing issues but would also attract more private investment into the Real Estate sector.

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