Maharashtra Govt Urges Developers to Build 1.25 Lakh Homes for Mill Workers
Maharashtra Housing Minister Atul Save asks developers to help build 1.25 lakh homes for mill workers, considers concessions in registration and stamp duty.
Maharashtra GovernmentHousingReal EstateMill WorkersNaredcoReal EstateAug 29, 2024
Save said that the state government is sympathetic towards the housing needs of mill workers and is willing to consider the real estate developers' demand of granting further concessions in registration and stamp duty.
The Government will think about granting any such further concessions, Save said, adding that major suggestions coming from the NAREDCO's forum would be considered in the new housing policy.
The State Government had already given one percent reduction on registration to women who wanted to buy a residential property, Save mentioned. We will also think of what other concessions for registration could we extend, he said.
The Additional Chief Secretary, Housing Department, Government of Maharashtra, Valsa Nair Singh informed that the government will soon introduce new policies such as Amnesty scheme for stalled SRA projects and the new PAP Policy for timely completion of redevelopment projects.
The Chairman of NAREDCO National, Dr Niranjan Hiranandani formally requested the state government to allocate 5,000 slum redevelopment projects to the industry body.
President of NAREDCO Maharashtra, Prashant Sharma commented on the recent developments and challenges in the Indian residential sector. 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.
Despite this growth, rising housing prices are creating affordability challenges, Sharma added. 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.
Vice Chairman of NAREDCO India, Rajan Bandelkar said that as nation builders, we must address the gap in affordable housing, which remains a challenge with current redevelopment costs.
Vice Chairman, NAREDCO Maharashtra, Sandeep Runwal discussed the current state of the residential real estate market and said that at the Real Estate Forum, we’re witnessing unprecedented growth and engagement, reflecting the thriving residential sector’s recovery since the pandemic.
Frequently Asked Questions
What is the Maharashtra government's plan to provide housing for mill workers?
The government has asked developers to build 1.25 lakh homes for mill workers and is considering concessions in registration and stamp duty.
What is the current state of the residential real estate market in Maharashtra?
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.
What is the main challenge facing the affordable housing sector in Maharashtra?
Rising housing prices are creating affordability challenges, and current premiums are deterring developers from taking on redevelopment projects.
What is NAREDCO's role in the real estate sector?
NAREDCO is a industry body that aims to promote the real estate sector and provide a platform for developers to interact with the government.
What is the government's plan to address the issue of stalled SRA projects?
The government will soon introduce an Amnesty scheme for stalled SRA projects and a new PAP Policy for timely completion of redevelopment projects.
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