Maharashtra Government Mulls Further Concessions for Housing Registrations to Boost Sales
Maharashtra's Housing Minister, Mr. Atul Save, hints at potential concessions in registration and stamp duty fees for real estate developers to stimulate housing sales.
Maharashtra GovernmentHousing RegistrationsReal Estate DevelopersStamp Duty FeesRegistration FeesReal Estate MaharashtraSep 01, 2024
The Maharashtra government had previously implemented a one-percent reduction in registration fees for women purchasing residential properties, and Mr. Save suggested that additional measures could be introduced. He also urged developers to invest in building 1.25 lakh houses for mill workers in Mumbai, addressing a significant housing demand.
Ms. Valsa Singh Nair, Additional Chief Secretary of the Housing Department, revealed that the government is preparing to launch new policies aimed at revitalizing the housing sector. These include an amnesty scheme for stalled SRA (Slum Rehabilitation Authority) projects and a new PAP (Project Affected Persons) Policy to ensure the timely completion of redevelopment projects.
The real estate sector in Maharashtra has seen significant growth since the pandemic, with Mumbai and Pune leading a revival that accounted for nearly 54% of new launches last year. However, rising housing prices are creating affordability challenges. To maintain competitiveness and attract investment, it is crucial to review and adjust government fees and limits, as current premiums are deterring developers from taking on redevelopment projects.
Representing NAREDCO Maharashtra, Dr. Niranjan Hiranandani called for the allocation of 5,000 slum redevelopment projects to the industry body. This request aims to enhance Public-Private Partnerships (PPP) and contribute to making Mumbai a slum-free city.
The first session of the forum, Maha/Urban Revolution @2047 Government policies driving real estate, had Dr. Bhushan Gagrani (IAS), Commissioner of the Brihanmumbai Municipal Corporation (BMC), highlighting the remarkable infrastructure growth in Mumbai, with nearly 300 kilometers of metro lines under development. He stressed the importance of collaborative efforts from various stakeholders to ensure sustainable progress.
Smt. Valsa Nair Singh (IAS), Additional Chief Secretary of the Housing Department, Government of Maharashtra reiterated the government's commitment to making Mumbai slum-free and improving construction technologies.
The inaugural session also featured the launch of a report titled 'Mumbai Residential Market through The Lens of Time,' produced by NAREDCO and JLL, which provides valuable insights into the evolving residential market in Mumbai.
The forum also saw discussions on the need for regulatory reassessment to foster architectural innovation, focusing on planning new cities to address migration issues, and improving living conditions.
Mr. Sandeep Runwal, Vice Chairman of NAREDCO Maharashtra, discussed the robust growth in the residential real estate market, noting a 30-40% surge in Mumbai's market and increasing demand for larger homes. He emphasized NAREDCO's commitment to enhancing Mumbai's development through strategic partnerships and improving infrastructure, medical facilities, and green spaces.
The event saw participation from various stakeholders, including government officials, developers, and industry experts, who came together to discuss the future of the real estate sector in Maharashtra.
Information
The Real Estate Forum 2024 is an annual event that brings together stakeholders from the real estate sector to discuss the latest trends, challenges, and opportunities in the industry. The event is organized by NAREDCO Maharashtra, a leading industry body that represents the interests of real estate developers in the state.
NAREDCO Maharashtra is a leading industry body that represents the interests of real estate developers in the state. The organization works closely with the government to promote the development of the real estate sector and to address the challenges faced by the industry.
Frequently Asked Questions
What is the current state of the real estate sector in Maharashtra?
The real estate sector in Maharashtra has seen significant growth since the pandemic, with Mumbai and Pune leading a revival that accounted for nearly 54% of new launches last year.
What is the government's plan to address the affordability challenge in the housing sector?
The government is preparing to launch new policies aimed at revitalizing the housing sector, including an amnesty scheme for stalled SRA projects and a new PAP Policy.
What is the role of NAREDCO Maharashtra in the real estate sector?
NAREDCO Maharashtra is a leading industry body that represents the interests of real estate developers in the state. The organization works closely with the government to promote the development of the real estate sector and to address the challenges faced by the industry.
What is the significance of the Slum Rehabilitation Authority (SRA) projects in Mumbai?
The SRA projects aim to make Mumbai slum-free and provide affordable housing to the urban poor.
What is the government's plan to improve construction technologies and reduce construction costs?
The government is committed to enhancing sustainability and reducing construction costs in future developments. It is introducing new policies and initiatives to promote the use of innovative construction technologies and to streamline the approval process.
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