Maharashtra Housing Policy: Focus on Mumbai Real Estate

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mumbai real estate
mumbai real estate

Maharashtra government revising housing policy after 17 years. Expectedly, the revised strategy would prioritize the Mumbai real estate sector, with Pune, Nashik, and Nagpur following closely behind. Expect more emphasis on real estate issues like township housing, affordable housing, and elder and student living.

Moneycontrol lists five items in the future housing policy that you should be aware of.

1) Senior and student housing

The Maharashtra government is thinking of providing incentives for student and elderly citizen homes. ” We have taken into consideration the opinions of all parties concerned in addition to requesting input from various departments and developers. We will make a detailed policy available to the public for comments and recommendations after it has been developed,” stated Valsa Nair Singh, Additional Chief Secretary of the Maharashtra Housing Department.

2) Affordable housing

PMAY is likely to provide incentives for affordable housing. Developers have insisted that metropolitan areas redefine what constitutes cheap housing.

Chief Operating Officer of CREDAI-MCHI, the leading association of real estate developers, Keval Valambhia stated, “We have requested, among other things, changing the definition of affordable housing in metro areas, repealing the MOFA (Maharashtra Ownership Flats) Act, rationalizing premiums levied on developers, along with several changes about the execution of slum rehabilitation projects.”

3) Stalled projects

Policy decisions are awaited for stalled slum rehabilitation programs. 7,700+ real estate projects registered with MahaRERA have expired, and developers cannot sell or advertise flats in these buildings.

The government is making an effort to pick up where it left off with the rebuilding of Mumbai’s impoverished neighborhoods. Maharashtra’s Housing Minister, Atul Save, has directed the CEO of Slum Rehabilitation Authority (SRA) to compile and assess a list of stalled projects on a case-by-case basis to revive them.

Among other things, we have asked the state administration to consider the creation of a mediation committee. Slum residents impacted by rehabilitation projects will file grievances with the committee, which will then mediate and settle them. Revitalizing slum rehabilitation projects in Mumbai, says Haresh Sanghavi of CREDAI-MCHI and Veena Developers.

Also Read: About MahaRERA

4) Walk to work

In order to allow citizens who have workplaces in commercial districts like Bandra, Andheri, etc. to experience the delight of walking to work, the state government is also developing a walk-to-work strategy for these regions.

5) Public suggestions and objections

Document available for public comments after government approval. The final draft was forwarded to the cabinet for approval. Housing strategy to release before Lok Sabha 2024 code of conduct.

Frequently Asked Questions (FAQ’s)

1Q: Why is the Maharashtra government revising its housing policy?

Ans: The government is revising the housing policy after 17 years, with a focus on prioritizing the Mumbai real estate sector and addressing issues in Pune, Nashik, and Nagpur.

2Q: What incentives are proposed for student and elderly citizen homes?

Ans: The Maharashtra government is considering providing incentives for student and elderly citizen homes to cater to their specific housing needs.

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