Maharashtra's First Student Housing Project Takes Shape in Tardeo
The Maharashtra government has shortlisted a MHADA building in Tardeo for its first student housing project, offering studio apartments for rent. This is part of a new housing policy that focuses on student accommodation, senior citizen living, and afford
MaharashtraStudent HousingSenior Citizen HousingAffordable HousingReal EstateReal Estate MaharashtraSep 12, 2024
According to Valsa Nair Singh, additional chief secretary in the state housing department, the project is part of Maharashtra's new housing policy. The policy, which will be released soon, focuses on three main areas senior citizen living, student accommodation, and affordable housing.
The state government is currently looking for agencies, including universities and colleges, to run and manage these facilities on a rental basis. Once the project gains momentum, plans are afoot to encourage private developers to enter the fray by offering incentives like extra floor space index (FSI) and reduced premiums.
The demand for senior citizen housing is expected to grow significantly over the next five to 10 years. With joint families breaking up, real estate developers in Maharashtra have identified senior citizen housing as an important sector. According to the 2011 census, the elderly (aged 60 and above) account for around 10% of Maharashtra's population, higher than the national average of 9%. This number is projected to reach 27.5% by 2050.
The state government plans to incentivise and facilitate senior citizen housing by offering extra FSI, reduction in premiums, stamp duty exemptions, and plot reservations to interested developers. These housing units are designed to provide a decent, independent, and dignified life for seniors.
In addition to senior citizen housing, the new policy will also focus on student accommodation. The state government aims to provide safe and affordable housing options for students in cities with high demand. This move is expected to benefit thousands of students who come from outside the state to pursue higher education.
With the launch of this project, Maharashtra is taking a significant step towards addressing the housing needs of its citizens. The state government's efforts to provide affordable and safe housing options for students and seniors are likely to have a positive impact on the state's real estate sector.
The MHADA building in Tardeo, which has been shortlisted for the student housing project, is expected to be approved by the cabinet soon. Once approved, the project will be implemented, and the state government will start working on its plans to encourage private developers to enter the student housing sector.
The new housing policy is expected to be released in the next couple of weeks, ahead of the upcoming assembly elections. The policy is likely to have a significant impact on the state's real estate sector, and its implementation will be closely watched by developers, stakeholders, and citizens.
In conclusion, Maharashtra's first student housing project is a significant step towards addressing the housing needs of its citizens. The state government's efforts to provide affordable and safe housing options for students and seniors are likely to have a positive impact on the state's real estate sector.
Frequently Asked Questions
What is the Maharashtra government's new housing policy focused on?
The policy focuses on three main areas: senior citizen living, student accommodation, and affordable housing.
What is the demand for senior citizen housing in Maharashtra?
The demand for senior citizen housing is expected to grow significantly over the next five to 10 years, with the elderly population projected to reach 27.5% by 2050.
What incentives will the state government offer to private developers for senior citizen housing?
The state government will offer extra floor space index (FSI), reduction in premiums, stamp duty exemptions, and plot reservations to interested developers.
What is the goal of the student housing project in Tardeo?
The project aims to provide compact studio apartments on a rental basis to students in cities like Mumbai, Pune, and Nashik.
When is the new housing policy expected to be released?
The policy is expected to be released in the next couple of weeks, ahead of the upcoming assembly elections.
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.