What the 2024-25 Union Budget Means for Mumbai's Real Estate Industry
CREDAI-MCHI President Domnic Romell shares his views on the 2024-25 Union Budget and its impact on Mumbai's real estate industry.
Real EstateMumbaiUnion BudgetCredai MchiAffordable HousingReal Estate MumbaiJun 25, 2024
To address the validated demand for 11.2 million houses, redefining affordable housing for metro cities like Mumbai is critical. A uniform affordable housing criterion for both metro and non-metro cities, without a price cap, should be established, with all houses of 60 sqm declared as affordable housing. Additionally, increasing tax exemptions on home loans and making the interest component on home loans tax-free under the relevant sections of the IT Act are crucial steps to make housing more accessible.
The government's policies should be formulated in a democratic manner, ensuring that the diverse needs of all stakeholders are addressed. CREDAI-MCHI, the apex body of MMR's real estate industry, hopes that the government will consider the needs of the industry and the citizens of Mumbai while formulating its policies.
Information
CREDAI-MCHI is an apex body comprising members from the real estate industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800+ leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region, establishing units in various locations. Being the only Government-recognized body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry's organization and progress.
Frequently Asked Questions
What is CREDAI-MCHI?
CREDAI-MCHI is the apex body of MMR's real estate industry, comprising members from the real estate industry in the Mumbai Metropolitan Region.
What is the main challenge facing Mumbai's real estate industry?
One of the main challenges facing Mumbai's real estate industry is the high demand for housing, with a validated demand for 11.2 million houses.
What is the suggestion for redefining affordable housing in metro cities like Mumbai?
A uniform affordable housing criterion for both metro and non-metro cities, without a price cap, should be established, with all houses of 60 sqm declared as affordable housing.
What is the importance of infrastructure improvements in Mumbai?
Infrastructure improvements are crucial for Mumbai's comprehensive city development and future growth planning.
What is the role of CREDAI-MCHI in the real estate industry?
CREDAI-MCHI is dedicated to promoting the industry's organization and progress, and is committed to breaking barriers to create a strong, organized, and progressive real estate sector in the MMR.
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