CREDAI-MCHI, the leading body of real estate developers, and the Practising Engineers, Architects, and Town Planners Association (PEATA) have jointly urged Maharashtra Deputy Chief Minister Eknath Shinde to restore theMHCR Act to ensure the development and maintenance of urban areas in the state.
Real EstateUrban DevelopmentMhcr ActCredaimchiPeataReal Estate MaharashtraApr 09, 2025
The MHCR Act, or Maharashtra Housing and Area Development Act, is a regulatory framework that governed urban planning and development in Maharashtra. It provided a clear and transparent process for obtaining approvals and clearances, ensuring structured and sustainable urban development.
The MHCR Act was repealed in 2020, reportedly due to the need for a more modern and updated regulatory framework. However, the repeal has raised concerns among industry stakeholders about the lack of a comprehensive regulatory framework for urban development.
The main concerns raised by CREDAI-MCHI and PEATA include the lack of a regulatory framework for urban development, which could lead to uncontrolled urban sprawl and degradation of infrastructure. They also emphasize the need for a clear and transparent process for obtaining approvals and clearances.
The restoration of the MHCR Act would provide a regulatory framework that ensures structured and sustainable urban development. This would boost investor confidence, streamline the approval process, and contribute to the overall well-being of urban areas in Maharashtra.
Deputy Chief Minister Eknath Shinde has acknowledged the importance of the MHCR Act and has directed the relevant departments to review the current urban development policies. He is considering the recommendations made by CREDAI-MCHI and PEATA to restore the act.
Renowned Bollywood filmmaker Subhash Ghai has made a significant real estate investment, acquiring a luxurious apartment in the prime location of Bandra. Here’s everything you need to know about the property.
The southern cities of Bengaluru
Industry experts, including Tata Realty CEO Sanjay Dutt, have highlighted Kochi as one of the most promising cities in India's real estate sector. However, they strongly recommend REITs as the safest way to invest in real estate.
The Maharashtra government's 2025 budget proposes a series of measures aimed at revitalizing the real estate sector, including an increase in stamp duty on supplementary properties. This aligns with broader infrastructure investments to enhance urban deve
Hampton Sky Realty partners with top luxury hotel brands to develop a state-of-the-art hotel, offering exceptional amenities and sophisticated design.
One of Mumbai's most illustrious heritage properties, the Laxmi Nivas bungalow, has been sold for an astounding Rs 276 crore, marking a significant real estate transaction in the city's history.