Niranjan Hiranandani forecasts historic growth in Maharashtra real estate, powered by policy clarity
"Whether a private developer who does redevelopment or is going for slum rehabilitation is able to make affordable housing in a city like Mumbai?," says
Niranjan Hiranandani
,
Hiranandani Group
.
After a long 18 years, finally the Maharashtra
housing policy
is going to be passed. Tell me, is it going to go far enough in addressing the state's massive housing shortfall, especially when it comes to the affordable segment?
Niranjan Hiranandani:
Let me tell you it is unprecedented. It is unbelievable. It is fantastic. The vision and the statement is out of the world. This is an equivalent amount which the prime minister had done when he first became the prime minister under the PMAY scheme. He had talked of 70,000 crores of rupees under the PMAY scheme for the whole of India.
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
default
, selected
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Transform Your Child's Confidence with Our Public Speaking Program
Planet Spark
Book Now
Undo
Now Mr
Devendra Fadnavis
now on this new policy is talking about 70,000 crores of investment direction for the purposes of Maharashtra alone, so that is a big statement. Number two, they are talking about every segment of society in terms of doing it, whether it is slums, whether it is rehab, whether it is inclusive housing, whether it is green buildings, whether it is residential in the industrial areas where there will be walk to work, all these factors are taken into consideration for the purposes under the new policy.
So, fantastic policy, fantastic comprehensive thing whatever it is. However, he has not left it to chance. What has he done? He said I am making an information portal under AI which will monitor everything that is going to be done.
So, it is not just a statement of fact that he is doing but he is probably making a road map which will actually be monitored in his state of things as he does in the case of infrastructure projects, the war room which he has put when he first became the chief minister and did the Atal Bridge, the coastal road 300 kilometres of metro.
Live Events
Now, housing seems to be the new focus which he is also talking about. So, three things – one, size and scale including every aspect of society, including industrial, including inclusive housing, looking at every aspects of housing which is to be done and monitoring it carefully to the finish.
A combination of events I have not heard from Maharashtra for a long period of time on the housing side, never. So, it is unprecedented and fantastic. If it actually gets executed, there will be a paradigm in respect of homes and housing in Maharashtra in the next five years.
But also, you have been quite vocal about the need for affordable housing. So, will this policy bring back the momentum for private capital and institutional investments into affordable housing because, of late, we have seen a lot of these real estate developers exit this segment, but do you think that this policy offers assurance and incentives to the private developers to now is the time to make a comeback?
Niranjan Hiranandani:
Yes and no. Yes, because a lot of incentives are being given for the purposes of affordable and inclusive housing. So, yes, that direction will be there. But whether private players will be able to make affordable housing or not, that depends on other policies. So, for example, the ready reckoner rate in Mumbai is so high, so high, and that it is unable to get the additional FSI on redevelopment at a reasonable rate.
So, whether a private developer who does redevelopment or is going for slum rehabilitation is able to make affordable housing in a city like Mumbai? Answer is no. But with government incentives which obviously will follow for the purposes of this area of segment of society, maybe it will change, but they will have to relook at a lot of additional FSI charges which are now being levied by the state government, the stamp duty, other development charges which are levied by the corporation and state government also.
So, then only affordable housing can be done by the private sector. But obviously, government's intent in order to do this irrespective of whether it will be done through the private sector or the government sector is to be seen depends on how they implement the policy and the changes they make which are consequent and necessary to implement the policy if they want the private sector to do it.
Also, want to get your view on how this policy is going to affect a land bank development in the city. Do you think this is going to help unlock land for mass housing projects in key regions like MMR and Pune because that is also one of the focus areas that the policy aims to achieve?
Niranjan Hiranandani:
100%, it will definitely make a difference because ultimately land has been made available because that is in the periphery of Mumbai, periphery of Pune. We have a large number of land and land banks which can be developed into it.
Government is also working on all those schemes. If you see the plan for Mumbai 3.0 around Mumbai area where we have the airport, where we have the MTHL, where we have the Panvel-Karjat railway line coming up in the next two years, plus the elevated road from Chirle to the Pune Highway.
All these factors will actually go in for a huge amount of development. Also, Navi Mumbai, Panvel area will get a huge boost. Also, the periphery of Pune especially on the direction on the Mumbai side of it will get a bigger boost because the new airport is coming.
So, the opening of the new airport will also bring the new airport on this side of Pune. So, this development is definitely going to happen, but we are looking forward to consequential policies in terms of taxes and additional FSI rates and charges which are very high at this point of time, but the answer is yes affordable housing will get created in the periphery of both these areas.
We understand that the policy has big goals and as much as it is a welcome step for Maharashtra real estate. Help us understand if you see any on ground challenges in the execution of this policy.
Niranjan Hiranandani:
It is very simple. If there were not challenges, there would not be a need for a policy of this kind. There are so many challenges. 50% of my population of Mumbai lives in jhopadpatti, that itself is a big challenge. The growth of Mumbai and periphery is going to be there. But remember one thing, this year you are going to see the highest growth of real estate in the history of India. The growth is estimated to be 25% growth in the year 2025. This has been confirmed by various authorities. We have just seen reports of various IPCs also talking about it.
So, the Mumbai, Pune, MMR region is going to attract a lot more construction and development only because infrastructure is being developed in a very holistic way by Maharashtra government. This leadership is second to none and you will see a 25% growth in this region in the year 2025, this is my guesstimate. We could definitely cross 20%, but it could be 25.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
8 minutes ago
- Time of India
How dangerous is Russia's advance on Ukraine's Sumy region?
AI- Generated Image Russian troops are advancing their operations in the northern Ukrainian region of Sumy. Ukraine's regional military administration has confirmed that four settlements on the border have come under Russian control. Prior to this, the Ukrainian army had almost completely withdrawn from the parts of the Russian region of Kursk it had been occupying since August last year. Russia then intensified its shelling of Ukrainian border areas, with Ukrainian authorities ordering the evacuation of 11 villages as a result. In late May, Ukrainian President Volodymyr Zelenskyy confirmed that Russia was preparing an offensive in the Sumy region. He said that Moscow had concentrated its "largest, strongest forces" on the Kursk front, and that troops continued to amass near the border. He added that over 50,000 troops were already at the Sumy front, but that Russia did not have the capacity to establish any sort of "buffer zone" 10 kilometres (6.2 miles) into Ukrainian territory. Not the first time Putin announces a 'buffer zone' Mykhailo Samus, a military expert and director of the New Geopolitics Research Network, believes that the fears triggered by Russian President Vladimir Putin's recent statements on establishing a "buffer zone" in Ukraine are "exaggerated." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo He told DW it was not the first time that Russia had announced such intentions. "There are no buffer zones there, and there won't be any. There are repeated Russian attempts to attack Ukrainian territory," Samus said. "One year ago, they tried to attack the entire Kharkiv region. They penetrated six or seven kilometres deep into the area around the town of Vovchansk. A year later, we can see that [the troops' advance] stopped there." Ukraine and Russia trying to capture advantageous positions The expert pointed out that Ukraine's forces army had also made advances into the Russian regions of Belgorod and Kursk. "Both the Ukrainian and Russian armed forces are trying to capture the most advantageous positions in the border area, from which they can carry out shelling and maintain operational control," he explained. This was especially important for "the conduct of subsequent operations, that is, to occupy high ground, take advantage of geographical features, and prepare as effectively as possible for further developments. " According to his estimation, Russia does not currently have enough troops near the border to advance deep into unoccupied Ukrainian territory. He added that the occupation of parts of the region around Sumy did not yet give Moscow a tactical advantage. "[Russian forces] will try to move towards favourable heights," he said. "The Ukrainian army knows this, and will take action against them." Is Russia trying to capture Yunakivka ? According to Ruslan Mykula, the co-founder of the independent Ukrainian intelligence service DeepState UA, the current Russian territorial gains around Sumy are not yet a "great success" considering the superiority of their troops in terms of numbers. At the same time, he told DW, there is still a risk of further advances by Russian troops farther into the Sumy region, even if the Ukrainian defence forces "have already learned to fight against a superior enemy. " In his opinion, the Russians' main target is the strategically important village of Yunakivka. He said that this would clear the way into a large adjacent forest area. "If they advance into the forest, it will cause a lot of problems. Whoever has the larger infantry has a significant advantage here." He added that the occupation of Yunakivka would create new hazards for the civilian population, as Russia would then be able to launch First Person View (FPV) drone attacks on Sumy's city centre from there. "We could experience a situation such as in Kherson, Nikopol or Kostyantynivka, where the Russians have used such drones to hit buses and civilian trucks. That is why we must not allow the enemy to reach Yunakivka," Mykula warned.
Time of India
14 minutes ago
- Time of India
Maruti's Grand Vitara clocks 3 lakh sales in a record 32 months
Maruti Suzuki India Ltd on Friday announced that its flagship mid-size SUV, the Grand Vitara , has crossed the 3 lakh unit sales mark, setting a new benchmark in its segment by achieving the milestone in just 32 months. According to the company, this makes it the fastest-selling SUV in its category. Maruti Suzuki India closed at ₹12,463.00 on Friday, up ₹337.00 or 2.78% for the day. The growth has been fuelled primarily by the Strong Hybrid variants, which recorded a 43% year-on-year increase in sales in FY24-25, reflecting rising demand for sustainable and fuel-efficient options. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like AirSense 11 – Smart tech for deep sleep ResMed Buy Now Undo To commemorate the milestone, Maruti Suzuki unveiled a new television campaign titled 'Driven by Tech', positioning the Grand Vitara as a versatile and cutting-edge SUV for the modern, tech-savvy Indian consumer. The campaign follows two characters, a tech entrepreneur and a businesswoman, who navigate contrasting terrains using the SUV's Strong Hybrid and ALLGRIP SELECT 4x4 variants, respectively. 'We thank our 3 lakh strong Grand Vitara family for their trust in Maruti Suzuki,' said Partho Banerjee, Senior Executive Officer, Marketing and Sales, Maruti Suzuki India Ltd. 'The Grand Vitara has been a catalyst in strengthening Maruti Suzuki's position in the mid-SUV market. Designed for today's urban, tech-savvy, and progressive individuals, it masterfully combines bold aesthetics, advanced technology, and a comprehensive suite of safety features.' Live Events Banerjee added that the new campaign highlights the SUV's wide-ranging appeal. 'The campaign vividly communicates our flagship SUV's versatility, and its myriad capabilities which allow it to appeal to diverse personalities, while seamlessly complementing the evolving aspirations of customers.' The 2025 Grand Vitara, recently updated with more variant options, now offers a panoramic sunroof on the Zeta (O), Alpha (O), Zeta+ (O), and Alpha+ (O) trims. It also comes loaded with premium features such as R17 precision cut alloy wheels, a 6-speed automatic transmission with electronic parking brake, ventilated seats, an 8-way powered driver seat, a 9-inch Smart Play Pro+ infotainment system with wireless connectivity, a 360-degree camera, head-up display, wireless charging, and an Auto Purify function with PM 2.5 display. The company highlighted that safety remains a priority, with 6 airbags, 3-point ELR seat belts for all passengers, ISOFIX child seat mounts, ESP® with Hill Hold Assist, and ABS with EBD offered as standard across all variants.
Time of India
15 minutes ago
- Time of India
Understanding the astrological importance of Muhurat
Muhurat refers to a specially chosen, auspicious time believed to be ideal for beginning significant events such as weddings, launching a business, or moving into a new home. Let's dive into what Muhurat means and how it can positively impact our lives. What Is a Muhurat? A Muhurat is a precise moment considered highly favorable for starting important activities. Astrologers determine Muhurat by studying the positions of stars and planets, identifying times when cosmic energies align to support success and good fortune. Why Is Muhurat Important? Muhurat is valued because it's thought to bring luck and positive energy to new ventures. Starting something during the right Muhurat can help ensure that your efforts proceed smoothly and yield the best possible outcomes. Benefits of Observing Muhurat Initiating key events during a Muhurat is believed to enhance success and happiness. It helps shield us from negative influences by aligning our actions with favorable celestial positions. Choosing a Muhurat minimizes obstacles and challenges, paving the way for a smooth journey ahead. How Is Muhurat Calculated? Astrologers use detailed methods to calculate the most auspicious times, analyzing the positions of the Sun, Moon, planets, and other celestial bodies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo They consider various astrological factors to find the perfect timing tailored to the specific event. Common Muhurats for Important Occasions Auspicious timings for weddings that promote love, harmony, and a joyful marriage. Ideal moments to start a new business, enhancing prosperity and growth. Favorable times for moving into a new home, ensuring peace and well-being for the family. Safe and lucky timings for beginning journeys, encouraging smooth and successful travels. Muhurat plays a vital role in astrology by guiding us to select the best moments for life's important beginnings. By following Muhurat, we can invite success, happiness, and prosperity into our endeavors—whether it's marriage, business, or moving to a new place—ensuring that everything unfolds smoothly and positively. Discover everything about astrology at the Times of India , including daily horoscopes for Aries , Taurus , Gemini , Cancer , Leo , Virgo , Libra , Scorpio , Sagittarius , Capricorn , Aquarius , and Pisces .
