Housing Scheme : Mumbai Real Estate Policy Updates

Housing Scheme : Mumbai Real Estate Policy Updates

NAREDCO Maharashtra, with PEATA, hosted ‘All About Policy’ to dissect policy impacts on Mumbai real estate. Dr. Hiranandani stressed government support amid hefty sector taxation. Bandelkar urged industry integrity under RERA, advocating PMAY-like schemes. Thakur advocated smart cities and green field developments. Architects highlighted design challenges for transparency.

The Maharashtra unit of National Real Estate Development Council (NAREDCO) in association with Practicing Engineers, Architects and Town Planners Association (PEATA) hosted a pivotal knowledge session ‘All About Policy’ that discussed critical policy implications and their impacts on the Mumbai real estate market.

The panelists debated the need for government support in light of substantial profits earned from the realty sector. Chairman Emeritus, NAREDCO Maharashtra, Dr. Niranjan Hiranandani said, “The real estate sector is the most taxed industry and unless we ask the government to fulfill our industry demands; they will not be met.

The government is earning substantially profits from the realty sector and therefore we expect them to support us as well. There was a time when people said that the now defunct Urban Land Ceiling (ULC) would never get scrapped, but it did get scrapped after we followed up for its removal.

“There is a huge parcel of vacant land in Mumbai which is unutilized. We need to awaken the government and tell them that if you want affordable housing then open these land parcels and reduce the cost of development to fulfill the government’s obligation to provide affordable housing to all,” Hiranandani added.

Stressing on the need for the industry to stay within its limits, Vice Chairman, NAREDCO, Rajan Bandelkar, said, “In the past we have seen a section of the industry going far beyond and have not delivered on its promises to customers. This is the reason why the government has brought in the Real Estate Regulatory Authority (RERA) bill, in its bid to control the sector, bring more transparency and safeguard home buyer interest. It’s imperative that our industry adheres to its commitments to ensure trust and sustained growth.”

“The successful implementation of the Pradhan Mantri Awas Yojana (PMAY) has helped the needy and poorer sections of society; we would request the government to undertake in the same way similar schemes for other sections of the society as well,” Bandelkar added.

Touching upon the need for innovative urban planning, Vice President, NAREDCO Maharashtra, Kamlesh Thakur opined, “We need to create smart cities as there will be a reverse migration of Indians from abroad. Will our cities survive till then is the question we need to ask ourselves. In addition, the government should encourage green field developments instead of brown field developments, which we are presently doing.”

Architects Karan Daisaria and Devansh Daisaria, Design Principal, Daisaria Associates gave an insightful presentation on the elevation features of new developments. They spoke on the challenges faced by architects in the planning and designing of buildings given the strict norms and guidelines laid down by the competent authorities. The session concluded with a collective affirmation on the necessity of regular policy discussions to foster a more transparent and robust real estate market in Mumbai.

Source: https://www.freepressjournal.in/mumbai/mumbai-real-estate-policy-updates-naredco-peata-host-knowledge-session-check-details