The Maharashtra Government is contemplating additional concessions on registration and stamp duty to stimulate affordable housing and overall real estate activity in the state. This announcement was made by Atul Save, Housing Minister, during the inauguration of the third edition of ‘The Real Estate Forum 2024’ in Mumbai.
Save noted that NAREDCO Maharashtra, representing real estate developers, has requested further reductions in stamp duty and registration fees to enhance housing sales. He stated, “The government will evaluate these requests and consider additional concessions. We have already implemented a one percent reduction in registration fees for women purchasing residential properties and are open to further discussions on additional measures.”
In addition to the concessions, Save urged developers to invest in constructing 1.25 lakh houses for mill workers in Mumbai. He highlighted that the Maharashtra Housing and Area Development Authority (MHADA) has a stock of 2,000 houses but has received 30,000 applications, prompting a need for more affordable housing solutions. He also acknowledged NAREDCO’s concerns about the pricing of MHADA houses in Pune and promised to address this with the MHADA Board.
Valsa Singh Nair, Additional Chief Secretary of the Housing Department, shared that new initiatives are on the horizon, including an amnesty scheme for stalled Slum Rehabilitation Authority (SRA) projects and a new Policy for Project-Affected Persons (PAP) to ensure the timely completion of redevelopment projects.
Prashant Sharma, President of NAREDCO Maharashtra, highlighted the sector’s growth and challenges. “The Indian residential market has seen remarkable expansion since the pandemic, with Mumbai and Pune leading the charge. However, rising housing prices are posing affordability issues. To stay competitive, we need to revisit government fees and regulations, which currently deter redevelopment efforts.”
Niranjan Hiranandani, Chairman of NAREDCO, has formally requested the state government allocate 5,000 slum redevelopment projects to the organization. “This initiative will enhance Public-Private Partnerships (PPP) and contribute significantly to transforming Mumbai into a slum-free city,” he stated.
Rajan Bandelkar, Vice Chairman of NAREDCO India, addressed several key issues including affordable housing gaps, regulatory impacts, and the need for new city planning to address migration and improve living conditions.
Sandeep Runwal, Vice Chairman of NAREDCO Maharashtra, noted the significant growth in the residential market, with a 30-40% increase in Mumbai. He emphasized NAREDCO’s commitment to improving the city’s infrastructure, healthcare, and green spaces for a sustainable future.
Bhushan Gagrani, Commissioner of the Brihanmumbai Municipal Corporation (BMC), praised the infrastructure advancements in Mumbai, including nearly 300 kilometers of metro lines, and stressed the importance of collaboration between various stakeholders for the city’s development.
Valsa Nair Singh reiterated the government’s focus on cluster development and the new PAP policy, aiming to make Mumbai slum-free and optimize construction technologies for the success of PMAY 2.0.
The event also saw the launch of a paper by NAREDCO and JLL titled ‘Mumbai Residential Market Through The Lens Of Time,’ which explores the evolution and future prospects of Mumbai’s residential real estate market.
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