Shiv Sena (UBT) leader Anil Parab has introduced a private member’s bill in the state legislature. The bill aims to enforce a 50% reservation for Marathi individuals in newly constructed buildings in Mumbai, with the goal of addressing the migration of Marathi people.

Anil Parab, the Shiv Sena (Uddhav Balasaheb Thackeray) candidate and MVA representative from the Mumbai Graduate Constituency, has put forward a private member’s bill in the state legislature aimed at stemming the outmigration of Marathi people from Mumbai. The bill proposes a requirement for 50% reservation for Marathi individuals in newly constructed buildings in the city.

According to a report Parab emphasized that this legislation is crucial for preserving the Marathi demographic in Mumbai. The proposed bill mandates developers to allocate housing units specifically for Marathi individuals. Failure to comply could lead to penalties including six months of imprisonment, a fine of Rs 10 lakh, or both.

Also Read: MHADA Reduces interest on delayed payments of development charges from 18% to 12%

You May Also Like

Maharashtra Government Hikes Ready Reckoner Rates for 2025-26; Property Prices Set to Rise

The Maharashtra government has announced a revision in Ready Reckoner Rates (RRR) for 2025-26, leading to an average hike of 3.89% across the state. Mumbai sees a 3.4% increase, while Thane, Solapur, and other key cities experience sharper hikes. This revision is set to impact property valuations, stamp duty, and registration charges, potentially raising real estate costs for buyers and investors. Industry experts urge a gradual approach to balance market stability and affordability.

RBI makes Homebuyers happy, Repo rates unchanged

RBI maintains its policy rate (repo rate) but hints at changing its…

India’s Residential Market Set for Improved Affordability in 2025, Driven by Interest Rate Cuts

JLL’s Home Purchase Affordability Index forecasts improved affordability across India’s key residential markets by 2025, driven by a projected interest rate cut. Mumbai and Pune are nearing optimal affordability, while Kolkata will maintain its position as the most affordable market. Residential sales are set to hit record levels in 2024 and 2025, driven by rising household incomes and a potential decline in interest rates.

🏗️ Realty Stocks End on a Flat Note: DLF, Godrej Hold Ground as Mid-Caps See Mild Pressure

Realty stocks closed flat after a cautious session as investors await festive booking data. Large developers like DLF and Godrej held their ground, while mid-caps saw profit-taking. The Nifty Realty Index rose 0.2%, signaling consolidation ahead of key announcements.