Niranjan Hiranandani Predicts Unprecedented Growth in Maharashtra Real Estate
Niranjan Hiranandani, a prominent figure in the real estate sector, forecasts historic growth in Maharashtra's real estate market, driven by a new housing policy and substantial investment.
Real EstateMaharashtraNiranjan HiranandaniHiranandani GroupAffordable HousingReal Estate NewsMay 21, 2025
Hiranandani, the face of the Hiranandani Group, emphasizes the policy's comprehensive approach, which covers every segment of society, including slums, rehabilitation, inclusive housing, and green buildings. The policy also focuses on residential development in industrial areas, promoting walk-to-work opportunities. He highlights that the policy is not just a statement but a roadmap with clear monitoring mechanisms, similar to the war room approach used for infrastructure projects.
One of the key aspects of the policy is the substantial ₹70,000 crore investment, which is comparable to the Prime Minister's Affordable Housing for All (PMAY) scheme's initial investment of the same amount for the entire country. Hiranandani describes this as a game-changer for Maharashtra, stating that it is unprecedented and fantastic. He adds that the policy's size, scale, and comprehensive nature, coupled with careful monitoring, could transform the housing landscape in Maharashtra over the next five years.
However, Hiranandani also points out that the success of the policy in promoting affordable housing will depend on several factors, including the readiness of private developers to invest. He notes that high ready reckoner rates, FSI charges, and other development costs in Mumbai make it challenging for private developers to create affordable housing. He suggests that the government must address these issues to ensure the private sector can participate effectively.
The policy is also expected to unlock significant land banks for mass housing projects in key regions like the Mumbai Metropolitan Region (MMR) and Pune. Hiranandani believes that the development of infrastructure, such as the new airport and the Panvel-Karjat railway line, will drive substantial growth in these areas. He predicts that the periphery of Mumbai and Pune will see a surge in development, particularly in Navi Mumbai and Panvel.
Despite the policy's ambitious goals, Hiranandani acknowledges the on-ground challenges, especially in Mumbai, where 50% of the population lives in informal settlements. He emphasizes that the policy is necessary to address these challenges and that the region is poised for significant growth. Hiranandani estimates that the real estate sector in the Mumbai, Pune, and MMR regions will see a 25% growth in 2025, driven by the holistic development of infrastructure.
In conclusion, Hiranandani's forecast of historic growth in Maharashtra's real estate market is backed by a robust policy framework and significant investment. The success of this policy will depend on effective implementation and addressing the high costs associated with development in key areas. If executed well, the policy could transform the housing landscape in Maharashtra, making it a model for other states to follow.
Frequently Asked Questions
What is the main focus of the new housing policy in Maharashtra?
The new housing policy in Maharashtra focuses on addressing the state's housing shortfall across all segments, including slums, industrial areas, and inclusive housing. It also emphasizes the development of green buildings and walk-to-work residential areas.
How much investment is being directed towards the new housing policy in Maharashtra?
The new housing policy in Maharashtra is backed by a substantial ₹70,000 crore investment, which is comparable to the initial investment under the Prime Minister's Affordable Housing for All (PMAY) scheme for the entire country.
What role does AI play in the new housing policy?
AI is being used to monitor the implementation of the new housing policy, ensuring that all aspects of the development are tracked and managed effectively.
What challenges does the policy face in promoting affordable housing in Mumbai?
High ready reckoner rates, FSI charges, and other development costs in Mumbai make it challenging for private developers to create affordable housing. The policy's success will depend on addressing these high costs and providing necessary incentives.
What regions are expected to see significant growth in real estate development due to the new policy?
The periphery of Mumbai and Pune, particularly areas like Navi Mumbai and Panvel, are expected to see significant growth in real estate development due to the new housing policy and the development of infrastructure such as the new airport and the Panvel-Karjat railway line.
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