CREDAI-MCHI and PEATA Demand Restoration of Public Services for Real Estate Boost
CREDAI-MCHI and PEATA urge Deputy Chief Minister Eknath Shinde to restore access to public services and digitisation to boost the real estate sector in Maharashtra.
Real EstateDigitisationPublic ServicesCredaimchiPeataReal Estate MaharashtraApr 08, 2025
The real estate sector in Maharashtra, one of the most vibrant and economically significant states in India, has been under pressure due to a combination of regulatory changes, market volatility, and the ongoing economic downturn. The pandemic has further exacerbated the situation, leading to a slowdown in both residential and commercial property markets. In response, CREDAI-MCHI and PEATA have outlined several recommendations to enhance the sector's growth and stability.
One of the primary demands is the restoration of access to public services. Developers and property owners have been grappling with issues such as delayed approvals, land acquisition problems, and inadequate infrastructure. These bottlenecks have not only slowed down project timelines but have also increased costs, making it difficult for developers to operate profitably. By addressing these issues, the government can create a more favorable environment for investment and development.
Digitisation has been identified as a critical tool for improving efficiency and transparency in the real estate sector. The digitisation of public services, including land records, property registrations, and building permits, can significantly reduce bureaucratic delays and corruption. This, in turn, can attract more investors and developers to the market, driving economic growth and job creation. CREDAI-MCHI and PEATA have urged the government to accelerate the digitisation process and provide the necessary infrastructure and support.
Another key recommendation is the introduction of fiscal incentives for both developers and homebuyers. This could include tax breaks, subsidies, and relaxed norms for affordable housing projects. Such measures can help revive demand in the sector and make housing more accessible to a broader segment of the population. The government can also consider offering incentives for green and sustainable buildings, which are becoming increasingly important in the face of growing environmental concerns.
The real estate sector plays a crucial role in the economy of Maharashtra, contributing significantly to GDP and employment. However, the sector has been facing multiple challenges, including regulatory hurdles, market volatility, and economic uncertainty. The joint appeal by CREDAI-MCHI and PEATA highlights the need for a collaborative effort between the government and industry stakeholders to address these issues and create a more conducive environment for growth.
In conclusion, the restoration of public services and the acceleration of digitisation are essential steps towards revitalising the real estate sector in Maharashtra. By working together to implement these recommendations, the government can help restore confidence in the market and drive sustainable economic development. The real estate sector has the potential to be a significant driver of growth and prosperity, and it is crucial that all stakeholders work towards this goal.
Frequently Asked Questions
What is CREDAI-MCHI?
CREDAI-MCHI stands for the Confederation of Real Estate Developers' Associations of India - Maharashtra Chapter. It is an organization representing real estate developers in Maharashtra, working to promote the interests of the real estate sector.
Why is digitisation important for the real estate sector?
Digitisation of public services in the real estate sector can significantly reduce bureaucratic delays, enhance transparency, and improve efficiency. This can attract more investors and developers to the market, driving economic growth and job creation.
What are the main challenges faced by the real estate sector in Maharashtra?
The real estate sector in Maharashtra faces challenges such as delayed approvals, land acquisition problems, inadequate infrastructure, regulatory hurdles, market volatility, and economic uncertainty.
What are the fiscal incentives suggested by CREDAI-MCHI and PEATA?
The suggested fiscal incentives include tax breaks, subsidies, and relaxed norms for affordable housing projects. These measures can help revive demand in the sector and make housing more accessible to a broader segment of the population.
How can the restoration of public services benefit the real estate sector?
Restoring access to public services can reduce delays and costs, making it easier for developers to operate profitably. This can help revive the sector, attract more investments, and drive economic growth.
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