Wednesday, July 24, 2024

Maharashtra’s Anticipated Housing Policy: 5 Key Highlights You Should Know

The Maharashtra government is set to overhaul the state’s housing policy, marking the first update in 17 years. The revised policy will primarily target the Mumbai real estate market, extending its impact to Pune, Nashik, and Nagpur. Here are five crucial aspects to watch out for:

  1. Emphasis on Senior and Student Housing:
    The new housing policy is expected to offer incentives for senior citizen and student housing. Stakeholders, including developers and various departments, have been consulted, and a comprehensive policy is in the works. Public input will be sought after its formulation.
  2. Boost for Affordable Housing:
    The government plans to encourage affordable housing under the Central government’s Pradhan Mantri Aawas Yojana (PMAY) scheme. Developers are advocating for a revised definition of affordable housing in metro cities. Other proposed changes include repealing the Maharashtra Ownership Flats (MOFA) Act and rationalizing premiums on developers.
  3. Revival of Stalled Projects:
    Policy decisions addressing the revival of stalled projects, particularly in slum rehabilitation, are anticipated. Over 7,700 real estate projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) have lapsed. The government aims to restart Mumbai’s slum redevelopment, with a focus on resolving delays on a case-by-case basis.
  4. Walk-to-Work Initiative:
    A ‘walk-to-work’ policy is in the works for commercial districts like Bandra and Andheri. This initiative aims to facilitate residents with offices in these areas to enjoy the convenience of walking to their workplaces.
  5. Public Feedback and Approval Process:
    Once the government approves the draft policy, it will be released to the public for suggestions and objections. Following this public consultation phase, the final draft will be submitted for cabinet approval. The housing policy is expected to be unveiled before the onset of the code of conduct for the 2024 Lok Sabha polls.

This comprehensive overhaul signals a proactive approach by the Maharashtra government to address diverse real estate needs and challenges across the state.

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