At a high-profile CREDAI-MCHI event in BKC, Maharashtra Chief Minister Devendra Fadnavis launched a scathing attack on Mumbai’s developers, accusing them of failing to make housing affordable despite the government meeting their long-standing demands.
The occasion marked the change of guard at CREDAI-MCHI, with Sukhraj Nahar taking over as President from Dominic Romell. Fadnavis, who attended as the Chief Guest, used his address to call out what he described as the sector’s broken promises.
‘We Fulfilled Your Demands… Yet Prices Still Went Up’
Fadnavis recalled that over the last decade, developers repeatedly approached the government seeking policy concessions — especially reductions in premiums — claiming this would make homes in Mumbai affordable.
“We reduced premiums, fulfilled every demand. I even expected prices to drop after the Coastal Road was developed. But instead of lowering prices, you raised them,” he said, drawing sharp attention from the audience of leading developers.
A Public Accountability Moment for the Sector
The Chief Minister’s remarks highlight a rare public confrontation between the state and Mumbai’s powerful real estate sector. While government concessions were aimed at reducing input costs, housing prices in the city have continued to climb, putting home ownership out of reach for many middle-class buyers.
CREDAI-MCHI Leadership Transition
The evening was also about leadership change, with Sukhraj Nahar stepping in as the new President of CREDAI-MCHI, one of India’s most influential real estate bodies. Outgoing president Dominic Romell was acknowledged for his tenure, while the incoming leadership pledged to work closely with the government on housing issues.
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