Maharashtra Housing Minister Urges Developers to Build 1.25 Lakh Homes for Mill Workers
Maharashtra Housing Minister Atul Save calls upon developers to build 1.25 lakh homes for mill workers, NAREDCO commits to boosting affordable housing
Maharashtra Housing MinisterAtul SaveNaredcoAffordable HousingSlum RedevelopmentReal Estate NewsAug 29, 2024
The government is sympathetic towards the housing needs of mill workers, and we are willing to consider concessions in registration and stamp duty to boost affordable housing, Save said. NAREDCO Maharashtra has requested further concessions in stamp duty and registration of housing properties to boost housing sales.
The state government has already given a one percent reduction on registration to women who want to buy a residential property. We will also think of what other concessions for registration could we extend, Save said. The government will consider major suggestions coming from the NAREDCO's forum in the new housing policy.
MHADA has a stock of 2000 houses, and we have received 30,000 applications. We have 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, Save informed.
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. This initiative is a significant step towards strengthening Public-Private Partnerships (PPP) and redefining the landscape of Mumbai's real estate sector.
The 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.
The residential market in Mumbai has surged by 30-40%, with increasing demand for larger homes and improved lifestyles. NAREDCO remains committed to enhancing Mumbai's development through strategic partnerships.
NAREDCO remains committed to boosting affordable housing and enhancing Mumbai's development through strategic partnerships. The industry body aims to play a pivotal role in transforming Mumbai into a slum-free city, setting a benchmark for urban redevelopment and inclusive growth
The Vice Chairman of NAREDCO India, Rajan Bandelkar said that it is crucial to review and adjust government fees and limits to maintain competitiveness and attract investment. Current premiums are deterring developers from taking on redevelopment projects.
The Vice Chairman, NAREDCO Maharashtra, Sandeep Runwal discussed the current state of the residential real estate market and said that the industry is witnessing unprecedented growth and engagement, reflecting the thriving residential sector's recovery since the pandemic.
Frequently Asked Questions
What is the number of homes that Maharashtra Housing Minister Atul Save has urged developers to build for mill workers?
1.25 lakh
What is the current state of the residential real estate market in Mumbai?
The residential market in Mumbai has surged by 30-40%, with increasing demand for larger homes and improved lifestyles.
What is the name of the scheme launched by the government to provide housing for marginalised communities?
Pradhan Mantri Awas Yojana
What is the number of slum redevelopment projects that NAREDCO National has requested the state government to allocate to the industry body?
5,000
What is the name of the policy that the government will soon introduce to provide amnesty to stalled SRA projects?
Amnesty scheme for stalled SRA projects
Related News Articles
Shriram Properties to Collaborate on Six-Acre Land Development in Pune
Shriram Properties is set to launch a joint development project on a six-acre land in Pune during the second half of the fiscal year 2025. The project is estimated to have an aggregate revenue potential of Rs 700-750 crore.
Ultra-Luxury Homes Market Sees Unprecedented Growth in India
The sale of ultra-luxury homes in India has remained unabated in 2024, with 25 units sold across top cities for a collective sales value of approx. INR 2,443 Cr.
Birla Estates Doubles FY25 Sale Bookings to Rs 8000 Crore Amidst Strong Housing Demand
Birla Estates Pvt Ltd, the real estate arm of Aditya Birla Group, has seen a significant boost in property sales, with FY25 bookings doubling to Rs 8000 crore. This growth is driven by robust demand in major cities like Mumbai, Pune, NCR, and Bengaluru.
Jal Jeevan Mission Boosts Real Estate Demand and Profits for Supreme and Astral
Supreme and Astral have achieved a 20% profit CAGR over several years, driven by strong demand, government initiatives like the Jal Jeevan Mission, and a market shift towards organized players in the real estate sector.
Prestige Estates IPO: A Major Move in Indian Real Estate
Bengaluru-based Prestige Estates, a prominent real estate developer, is making waves with its Rs 2700 crore IPO. The company, known for its extensive portfolio of housing, office, retail, and hotel projects, is set to redefine the real estate landscape in India.
Luxury Housing Project Takes Shape in South Delhi with Golden Growth Fund
Golden Growth Fund, a prominent Category 2 Alternate Investment Fund, is set to launch an ultra-luxurious housing project in the heart of South Delhi's upscale Anand Niketan.