Maharashtra real estate: 5 things you should know about the upcoming housing policy
December 5th, 2023
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The Maharashtra government is expected to update the state’s housing policy 17 years after it was last revised. The updated policy is expected to focus on the Mumbai real estate market, followed by Pune, Nashik, and Nagpur. It is also expected to have a greater focus on senior living, student housing, affordable housing, township housing projects, and other aspects of the real estate sector.
Moneycontrol shares five things that you should look out for in the upcoming housing policy.
- Senior and student housing
The Maharashtra government is considering incentivising senior citizen and student housing. "We have taken the opinions of all stakeholders and have also asked various departments and developers to give their suggestions. After a comprehensive policy is worked out, we will release it to the public for suggestions and opinions," said Valsa Nair Singh, Additional Chief Secretary, Housing Department of Maharashtra - Affordable housing
The government is also expected to incentivise affordable housing under the Central government’s Pradhan Mantri Aawas Yojana (PMAY) scheme. Developers have demanded that the definition of affordable housing should be changed in metro cities.
"We have submitted our inputs and are expecting a favourable policy from the Maharashtra government soon. We have requested changing the definition of affordable housing in metro cities, repealing of the MOFA (Maharashtra Ownership Flats) Act, rationalising premiums levied on developers, along with several changes with regard to the execution of slum rehabilitation projects, among others,’’ said Keval Valambhia, Chief Operating Officer, CREDAI-MCHI, the apex body of real estate developers. - Stalled projects
Certain policy decisions regarding the revival of stalled and stuck projects, including slum rehabilitation projects, are also expected. According to the Maharashtra Real Estate Regulatory Authority (MahaRERA), more than 7,700 real estate projects registered with it have lapsed. This means developers cannot advertise, market, or sell apartments in these projects.
"The government is trying to restart work on the redevelopment of Mumbai’s slum areas, which has faced multiple delays. I have instructed the CEO of the Slum Rehabilitation Authority (SRA) to make a list of such stuck projects and take decisions on a case-by-case basis to ensure these projects are revived,” Atul Save, Maharashtra Housing Minister, had announced on October 19.
"We have requested the state government to consider the formation of a mediation committee, among other things. The committee will mediate and resolve the complaints of slum dwellers affected by rehabilitation projects. This will revive stuck or stalled slum rehab projects, a large chunk of which are in Mumbai,’’ said Haresh Sanghavi, Chairman, Veena Developers, and Member, CREDAI-MCHI. - Walk to work
The state government is also working on a walk-to-work policy for commercial districts like Bandra, Andheri, etc., so that residents with offices in these areas can enjoy the pleasure of walking to work. - Public suggestions and objections
Once the government approves the draft, it will be released to the public for their suggestions and objections. Thereafter, the final policy draft will be sent for the cabinet’s approval.
Source: moneycontrol.com
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