Mumbai's Road to Sustainable Growth: A Focus on Affordable Housing and Infrastructure Development

Maharashtra Housing Minister Atul Save emphasizes the government's commitment to affordable housing and infrastructure development in Mumbai, highlighting recent policy changes and initiatives.

MumbaiAffordable HousingInfrastructure DevelopmentMaharashtra GovernmentReal EstateReal Estate MumbaiAug 31, 2024

Mumbai's Road to Sustainable Growth: A Focus on Affordable Housing and Infrastructure Development

Real Estate Mumbai:The government of Maharashtra is focusing on sustainable and inclusive growth for Mumbai, with a emphasis on affordable housing and infrastructure development. According to Housing Minister Atul Save, the government is committed to ensuring that every citizen has a roof over their head.

Save highlighted the recent completion of major infrastructure projects such as the coastal road and metro expansions, which have enhanced connectivity and eased the life of citizens. He also mentioned the Samruddhi Mahamarg, which has reduced travel time between Nagpur and Mumbai to just eight hours.

The government is also focusing on affordable housing, with schemes like Pradhan Mantri Awas Yojana (PMAY) and Shabari Yojana. Save urged stakeholders to support these initiatives, not just for profit, but as a contribution to nation-building.

Recently, the government has reduced the prices of MHADA housing units to make them more accessible. This has already attracted over 30,000 applications, showing the demand and necessity for affordable housing in Mumbai. The government is also considering revising the price cap of Rs. 2,500 per square foot for MHADA projects to make them more viable for developers.

The government's vision for Mumbai aligns with India's broader economic goals. As the financial capital, Mumbai must lead the way in projects like metro expansions, coastal roads, and new highways, which are the foundations for economic growth.

In other key developments, Valsa Singh Nair, Additional Chief Secretary, Housing Department, Government of Maharashtra, informed that the government will soon introduce new policies such as an amnesty scheme for stalled SRA projects and the new PAP policy for timely completion of redevelopment projects.

Prashant Sharma, President, NAREDCO Maharashtra, commented on the recent developments and challenges in the Indian residential sector. He highlighted the surge in the market, driven by rising incomes, economic development, demographic benefits, and supportive government policies.

Representing NAREDCO Maharashtra, Dr Niranjan Hiranandani, Chairman, NAREDCO, formally requested state government authorities to allocate 5,000 slum redevelopment projects to the industry body.

The Real Estate Forum 2024 also saw discussions on key issues in the real estate sector, including the gap in affordable housing, regulations hindering the creation of iconic structures, and the need for planning new cities.

The first session Maha/Urban Revolution @2047 Government policies driving real estate had Dr Bhushan Gagrani (IAS), Commissioner of the Brihanmumbai Municipal Corporation (BMC), emphasizing the collaborative effort required for Mumbai's development.

Also, Valsa Nair Singh (IAS), Additional Chief Secretary of the Housing Department, Government of Maharashtra, underscored the significant progress in Maharashtra's housing sector and the emphasis on cluster development for Mumbai's redevelopment projects.

Frequently Asked Questions

What is the government's focus for Mumbai's growth?

The government is focusing on sustainable and inclusive growth for Mumbai, with an emphasis on affordable housing and infrastructure development.

What are some of the recent infrastructure projects completed in Mumbai?

Some of the recent infrastructure projects completed in Mumbai include the coastal road and metro expansions.

What is the government's vision for Mumbai's economic growth?

The government's vision for Mumbai aligns with India's broader economic goals, with a focus on projects like metro expansions, coastal roads, and new highways as the foundations for economic growth.

What are some of the challenges facing the real estate sector in Mumbai?

Some of the challenges facing the real estate sector in Mumbai include the gap in affordable housing, regulations hindering the creation of iconic structures, and the need for planning new cities.

What is the significance of the Real Estate Forum 2024?

The Real Estate Forum 2024 is a platform for discussing key issues in the real estate sector and highlighting recent developments and initiatives in the industry.