Maharashtra Government Urges Developers to Build 1.25 Lakh Homes for Mill Workers
Maharashtra Housing Minister Atul Save calls upon developers to help build 1.25 lakh homes for mill workers, while NAREDCO aims to transform Mumbai into a slum-free city
Maharashtra GovernmentNaredcoAffordable HousingSlum RedevelopmentReal Estate SectorReal Estate MumbaiAug 29, 2024
Save also stated that the state government is sympathetic towards the housing needs of mill workers and is considering granting further concessions in registration and stamp duty to boost affordable and overall housing in the state.
The government has already given a one percent reduction on registration to women who want to buy a residential property, and is thinking of extending other concessions. The minister also announced a reduction in the cost of MHADA houses on declared price with respect to the surplus tenements received under Sections 33(5) and 33(7) only.
NAREDCO National Chairman, Dr. Niranjan Hiranandani, requested the state government to allocate 5,000 slum redevelopment projects to the industry body. This initiative is a significant step towards strengthening Public-Private Partnerships (PPP) and redefining the landscape of Mumbai's real estate sector.
NAREDCO Maharashtra President, Prashant Sharma, commented on the recent developments and challenges in the Indian residential sector. He said that the market has seen unprecedented expansion since the pandemic, with Mumbai and Pune leading a revival that accounted for nearly 54% of new launches last year.
The Pradhan Mantri Awas Yojana, one of the world's largest housing schemes, aims to add three crore houses nationwide, while Maharashtra's major redevelopment projects, including the Dharavi Redevelopment Scheme, are pushing progress forward.
Despite this growth, 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.
As nation builders, we must address the gap in affordable housing, which remains a challenge with current redevelopment costs. Moreover, current regulations hinder the creation of iconic structures in Mumbai, limiting architectural innovation.
NAREDCO remains committed to enhancing Mumbai's development through strategic partnerships.
NAREDCO is a leading national body of real estate developers, promoters, and builders. It aims to promote and protect the interests of its members and the real estate industry as a whole.NAREDCO (National Real Estate Development Council) is a non-profit organization that represents the interests of the real estate industry in India. It was established in 1998 and has over 5,000 members across the country.
Frequently Asked Questions
What is the Maharashtra Government's plan to address the housing needs of mill workers?
The Maharashtra Government has urged developers to build 1.25 lakh homes for mill workers who have been waiting for a long time.
What concessions is the government considering to boost affordable and overall housing in the state?
The government is considering granting further concessions in registration and stamp duty to boost affordable and overall housing in the state.
What is NAREDCO's role in transforming Mumbai into a slum-free city?
NAREDCO aims to play a pivotal role in transforming Mumbai into a slum-free city by spearheading the slum redevelopment initiative.
What is the Pradhan Mantri Awas Yojana?
The Pradhan Mantri Awas Yojana is one of the world's largest housing schemes that aims to add three crore houses nationwide.
What is NAREDCO's commitment to enhancing Mumbai's development?
NAREDCO remains committed to enhancing Mumbai's development through strategic partnerships.
Related News Articles
The Pune Porsche Crash: A Web of Deceit and Corruption
A high-profile real estate developer's son crashes his Porsche into a bike
Residential Property Boom: Delhi-NCR and Mumbai Witness 49% Surge in Housing Prices Over 5 Years
Delhi-NCR and Mumbai Metropolitan Region have seen a significant surge in housing prices, with average residential prices increasing by 49% in the last five years.
China's Economic Slump Deepens as Home Sales Plummet and Tech Earnings Disappoint
China's economy is struggling to recover, with its housing market and stock market showing no signs of improvement. Home sales for one of its largest developers have crashed, while tech earnings have disappointed, leading to a decline in consumer confiden
Raymond Injects INR 150 Crore into Subsidiaries to Boost Real Estate Growth
Raymond, a leading textile and apparel conglomerate, has approved significant investments to bolster the growth of its real estate subsidiaries, Ten X Realty West and Ten X Realty.
Input Tax Credit for Real Estate Sector: A Potential Game-Changer for Homebuyers
Allowing builders to claim input tax credit (ITC) could lead to lower property prices and alleviate the financial crunch in the real estate sector.
Top Stocks to Buy Now: LIC and 5 Others for Potential 60% Upside
With a market capitalization of Rs.7,223 crore, Sunteck Realty Ltd, a Mumbai-based real estate developer, saw its shares close at Rs.494.50 on the last trading day. Here are six stocks, including LIC, that analysts recommend for a potential upside of 60%.