Maharashtra approves new housing policy after nearly two decades: 5 key highlights
Here are five key takeaways from the newly announced policy:
The new policy—Majhe Ghar, Majha Adhikar (My Home, My Right)—marks Maharashtra's first major housing policy update since 2007.
Despite several draft proposals over the years, no policy was finalised until now. Officials said the update was long overdue, especially in light of the evolving housing needs post-COVID-19.
'This roadmap was essential because the world has changed significantly, and housing demands have shifted,' Valsa Nair Singh, additional chief secretary, housing department, told reporters.
Also Read: Maharashtra Cabinet approves Housing Policy 2025, targets 35 lakh affordable homes by 2030
According to data from CREDAI-MCHI, the apex body of real estate developers, over 25,000 buildings across the Mumbai Metropolitan Region (MMR) are eligible for redevelopment, with an estimated project value of more than ₹30,000 crore.
Recognising this massive potential, the Maharashtra government has given a strong push to self-redevelopment in its newly approved housing policy. To support the initiative, the state has allocated ₹2,000 crore and proposed the formation of a dedicated cell to assist cooperative housing societies.
This cell will provide end-to-end support—including guidance on planning, funding, developer selection, and project execution—empowering societies to undertake redevelopment independently.
The Maharashtra government has set an ambitious target of generating an affordable housing stock of 35 lakh units by 2030. Under the new policy, the government aims to create a land bank for residential use by 2026.
This initiative will be implemented in coordination with the Revenue Department, Forest Department, Maharashtra State Road Development Corporation, Water Resources Department, and the Industries Department, among others.
Real estate developers believe this initiative will significantly impact the future supply of affordable housing in a city like Mumbai, where the Maharashtra Housing and Area Development Authority (MHADA) currently offers only a limited number of affordable homes through its lottery scheme.
Also Read: MHADA update: 96 buildings declared 'extremely dangerous' in South Mumbai, residents asked to move out before monsoon
The new policy also seeks to boost slum rehabilitation by adopting a cluster redevelopment approach. To revive stalled real estate projects—including those involving slum rehabilitation—the Maharashtra government plans to introduce incentives under the cluster redevelopment scheme.
Also Read: Donald Trump's 5% tax on remittances: Should NRIs fast-track real estate investments back home?
The new housing policy backs the Prime Minister's 'walk-to-work' vision by promoting residential development near employment hubs, particularly in industrial zones.
To support this, the policy mandates that 10% to 30% of land allocated for amenity plots in industrial areas be reserved for residential purposes.
Additionally, the Maharashtra government has eased norms related to taxation, stamp duty, and Floor Space Index (FSI) for developers and homebuyers involved in senior living and student housing projects—whether for sale, purchase, or lease.
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