by THO
To boost housing sales in the state, the Maharashtra government may consider real estate developers’ demand for granting more concessions on registration and stamp duty charges, said Atul Save, minister of housing, government of Maharashtra at the third edition of The Real Estate Forum 2024 organised by National Real Estate Development Council (NAREDCO), an apex body of real estate developers, in Mumbai on August 29.
“Naredco Maharashtra, on behalf of its developer members, have requested for further concessions in stamp duty and registration of housing properties in order to boost housing sales. The government will think about granting any such further concessions,” he said.
On the Central government’s push for affordable housing and Housing for All initiative, Save said that “the state government had already given one percent reduction on registration to women who wanted to buy a residential property. We will also think of what other concessions for registration could we extend,” he said, adding suggestions emanating from the NAREDCO Maharashtra’s real estate forum would be considered in the new housing policy.
Save also asked real estate developers to come forward and invest in building 1.25 lakh houses for mill workers in Mumbai.
“We have announced reduction in the cost of MHADA houses on declared price with respect to the surplus tenements received under Sections 33(5) and 33(7) only. MHADA has a stock of 2000 houses and we have received 30,000 applications,” he said.
On NAREDCO’s submission about lesser pricing of MHADA houses in Pune, he promised that the matter would be put up for discussion in the MHADA Board.
He also said that real estate developers should come forward to build 1.25 lakh houses for mill workers in Mumbai.
The Maharashtra government has identified 1.5 lakh mill workers who will be allotted homes of above 200 sq ft. These workers had lost their homes after closure of mills in Mumbai in the 1980s. Around 20,000 mill workers have already been allotted homes.
The Maharashtra government had in 2020 announced subsidised housing for mill workers. It had slashed prices of homes being offered to mill workers to ₹9.5 lakh instead of the proposed ₹18 lakh.
Prices of homes under MHADA lottery 2024 slashed
“We have announced reduction in the cost of MHADA houses on declared price with respect to the surplus tenements received under Sections 33(5) and 33(7). MHADA has a stock of 2000 houses and we have received 30,000 applications,” Save said.
The MHADA on August 28 announced reduction in prices of 370 affordable homes, that are part of the ongoing housing lottery, by 10% to 25%. As many as 2,030 apartments are on sale in prime locations in Mumbai such as Malad, Powai, Vikhroli, Goregaon and Wadala.
MHADA has also decided to extend the registration deadline to September 19. The application process for the ongoing lottery was earlier scheduled to close on September 4.
The authority received several representations for the housing draw and has decided to decrease the prices to ensure that maximum number of buyers can afford a house, Maharashtra Housing Minister Atul Save had said on August 28.
Valsa Singh Nair, additional chief secretary, Housing Department, Government of Maharashtra said at the Naredco event that the government will soon introduce new policies such as 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 being faced by the housing sector.
Mumbai and Pune accounted for nearly 54% of new launches last year. This surge is driven by rising incomes, economic development, demographic benefits, and supportive government policies. The Pradhan Mantri Awas Yojana aims to add three crore houses nationwide, while Maharashtra’s major redevelopment projects, including the Dharavi Redevelopment Scheme, are pushing progress forward, he said at the event.
Despite this growth, rising housing prices are creating affordability challenges. “To maintain competitiveness and attract investment, it is crucial to review and adjust government fees and limits, as current premiums are deterring developers from taking on redevelopment projects,” he added.
Niranjan Hiranandani, chairman, NAREDCO asked the state government authorities to allocate 5,000 slum redevelopment projects to the industry body. He said, “This initiative is a significant step towards strengthening Public-Private Partnerships (PPP) and redefining the landscape of Mumbai’s real estate sector. By spearheading this endeavor, NAREDCO aims to play a pivotal role in transforming Mumbai into a slum-free city, setting a benchmark for urban redevelopment and inclusive growth.”
At the first session ‘Maha/Urban Revolution @2047: Government policies driving real estate’, Bhushan Gagrani, Commissioner of the Brihanmumbai Municipal Corporation (BMC), said that Mumbai has almost achieved 300 kilometers of metro lines, a significant achievement when compared to London’s historical network. “This progress is a result of concerted efforts from the BMC, MMRDA, MSRDC, and the private sector. As we continue to advance, it is vital that these developments are complemented by active citizen participation to ensure a sustainable and prosperous future for Mumbai,” he said.
