Maharashtra CM Fadnavis Urges New Approach for Affordable Housing
Maharashtra Chief Minister Devendra Fadnavis addressed top real estate developers in Mumbai, emphasizing the need for a new approach to achieve affordable housing. He highlighted that traditional methods have not led to reduced home prices, despite infrastructure projects and reduced premiums.
Affordable HousingReal EstateMaharashtraDevendra FadnavisCredaimchiReal Estate MumbaiAug 18, 2025
Fadnavis pointed out that for the past ten years, the government has implemented various measures suggested by developers to improve affordable housing, but these efforts have not resulted in reduced home prices. Instead, prices have continued to rise. He mentioned that when the government reduced construction premiums and initiated major infrastructure projects like the Coastal Road and Atal Setu, they expected home prices to decrease. However, the opposite occurred, with prices soaring.
"We thought that if we built the Coastal Road and Atal Setu, home prices would reduce, but they reached the skies due to the Coastal Road," Fadnavis stated. He emphasized that to genuinely improve affordable housing, different interventions are necessary. "We can't do it with a business-as-usual approach," he added.
Fadnavis also noted that rising property prices are not inherently negative, as they inject more capital into the economy. However, he stressed the importance of balancing economic growth with the need for affordable housing solutions.
The Chief Minister's remarks come at a time when Mumbai, one of India's most populous cities, faces significant challenges in providing affordable housing. The high cost of living and limited land availability have made it increasingly difficult for middle and lower-income families to find suitable homes.
CREDAI-MCHI, the local chapter of the Confederation of Real Estate Developers' Associations of India (CREDAI), represents the interests of real estate developers in the Mumbai metropolitan region. The organization plays a crucial role in advocating for policies and initiatives that support the real estate sector and promote sustainable urban development.
Fadnavis's call for a new approach to affordable housing has implications for both the government and the real estate industry. It highlights the need for innovative solutions, such as policy reforms, public-private partnerships, and community-driven initiatives, to address the housing crisis effectively.
In conclusion, the Chief Minister's address underscores the urgency of rethinking traditional approaches to housing development. By fostering collaboration between the government and the private sector, Maharashtra aims to create a more inclusive and sustainable housing market that meets the needs of all its residents.
Frequently Asked Questions
What is the main issue addressed by Maharashtra CM Fadnavis?
The main issue addressed is the failure of traditional methods to reduce home prices and achieve affordable housing in Mumbai.
What specific measures have been taken to improve affordable housing?
The government has reduced construction premiums and initiated major infrastructure projects like the Coastal Road and Atal Setu.
What was the unexpected outcome of these measures?
Despite these measures, home prices have continued to rise instead of decreasing.
What does Fadnavis suggest as a solution?
Fadnavis suggests that a new approach with different interventions is necessary to genuinely improve affordable housing.
What is the role of CREDAI-MCHI in this context?
CREDAI-MCHI represents the interests of real estate developers in the Mumbai metropolitan region and plays a crucial role in advocating for policies and initiatives that support the real estate sector and promote sustainable urban development.
Related News Articles
Mumbai's Sky-High Ambitions: Exploring the City's Love for Skyscrapers
As Mumbai continues to grow
Mumbai Records Third-Highest Surge in Luxury Housing Prices Globally
Mumbai's prime residential prices surge 11.5% year-on-year, ranking third globally, as India's economic growth drives demand in luxury housing market.
Affordable Housing Supply Dries Up as Builders Focus on Premium Projects
The latest data from JLL India reveals a 21% decline in affordable housing supply below Rs 50 lakh, while premium projects saw a significant surge in demand.
Priyanka Chopra's Real Estate Empire: A Peek into Her Investments
Priyanka Chopra Jonas is a keen investor in the real estate space, owning multiple properties in India and the US. Here's a look at her recent transactions.
Uber and Heads Up for Tails Expand Pet-Friendly Rides in Delhi and Mumbai
Uber has partnered with Heads Up for Tails to offer pet-friendly rides in Delhi and Mumbai, making travel more convenient and comfortable for pet owners.
Blackstone and Sattva-backed REIT Files Draft Papers for ₹7000 Cr IPO
A real estate investment trust (REIT) backed by asset manager Blackstone Group and Bengaluru developer Sattva Group has filed its draft papers with the Securities and Exchange Board of India (SEBI) for a ₹7000 crore initial public offering (IPO).