Latest news with #CREDAI-MCHI
Hindustan Times
a day ago
- Business
- Hindustan Times
‘Third' and ‘Fourth' Mumbai to power $1.5 trillion MMR economy; City can surpass Dubai in 10 years: Devendra Fadnavis
Maharashtra Chief Minister Devendra Fadnavis said Mumbai is poised for a major transformation, with plans to develop 'third' and 'fourth' Mumbai as new economic growth hubs(CREDAI-MCHI ) Maharashtra Chief Minister Devendra Fadnavis has said Mumbai is poised for a major transformation, with plans to develop 'third' and 'fourth' Mumbai as new economic growth hubs, supported by world-class infrastructure, high-speed connectivity, and an upcoming innovation city designed to rival global centres. He said the Mumbai Metropolitan Region (MMR) has the potential to become a $1.5 trillion economy. 'We can build a city even bigger than Dubai and even better than that in Mumbai. This is our potential. The transformation is possible within the next 10 years,' Fadnavis said at a CREDAI-MCHI event marking a change of guard, where Sukhraj Nahar, chairman of Nahar Group, was appointed as the body's 18th president for 2025–2027. Fadnavis questions real estate developers over rising housing prices in Mumbai Fadnavis told the developers that "the government is fully committed to working hand-in-hand with the real estate sector to make this vision a reality' but expressed concern over soaring property prices in Mumbai, noting that despite offering multiple concessions to the real estate sector, including premium reductions, home prices continue to climb. "Over the last 10 years, whenever we've claimed that housing will be affordable, the price of housing has increased in Mumbai. Even after reducing the premium, the housing prices have not come down. We expected that building Coastal Road or Atal Setu would lower the price, but instead, it has skyrocketed after construction," said the Maharashtra CM. Also Read: Independence Day 2025: Bombay to Mumbai – From worker chawls and planned suburbs to luxury condos and redevelopment About Mumbai's infrastructure development, Fadnavis said, "The Bandra Versova sea link is 60% complete, and it will be completed in the next 2 years. Further, there are plans to extend the road up to Dahisar and from there to Virar. The MMR Region has the potential to become even $1.5 trillion," Fadnavis said while speaking at the event. Speaking about ease of doing business, he noted that "The World Bank appreciated our efforts to bring ease of doing business in Mumbai, and if you look at the World Bank report, it actually appreciated the efforts taken by the government and BMC to bring ease of doing business, but still, I agree we have to do more." CREDAI-MCHI on August 14 also announced the new management committee for the next two years. "This change of guard marks not only a leadership transition but also the beginning of a transformational phase for the real estate ecosystem in the Mumbai Metropolitan Region (MMR)," the body said in a statement. Also Read: Independence Day 2025: Bengaluru struggles to achieve freedom from flooding, traffic and unplanned urban growth Sukhraj Nahar, newly elected president of CREDAI-MCHI, said that, 'Our sector has always built Mumbai's skyline. Now, we must also build its soul. Mission CARES is our declaration to the government, home buyers, and our own conscience, that we will develop with empathy, digitise with purpose, green our cities with urgency, and ensure every home is accessible and dignified. This is a pivotal moment to move beyond rhetoric and deliver real, measurable impact.' "At CREDAI-MCHI, we are pushing for single-window clearances, rationalised premiums, and tech-led approvals. Prop Tech will enable AI-driven project tracking and blockchain-backed compliance, making the process faster and more transparent. The shift from paperwork to real-time systems is critical. Every rupee saved in friction is a rupee that builds scale, trust, and better homes. Because at the end, building better homes is about building a stronger India together," Keval Valambhia, COO, MCHI-CREDAI, said. Also Read: Mumbai real estate: Will the Apple store and Sky City Mall drive property prices in Borivali? According to the statement, the new leadership has outlined an ambitious but pragmatic roadmap for the next 24 months, including the establishment of a PropTech Lab to accelerate innovation adoption, the creation of an Affordable Housing Innovation Cell (AHIC), and the launch of mobile skilling labs across the MMR region.
Hindustan Times
07-08-2025
- Business
- Hindustan Times
‘Homes in projects stalled due to NGT order may be dearer by 7-8%'
Mumbai: Although the Supreme Court on Tuesday restored the power of the State Environment Impact Assessment Authority (SEIAA) in all states to approve realty projects measuring over 20,000 square metres, providing much needed relief to developers, home buyers in Maharashtra are unlikely to benefit from the order, several developers told Hindustan Times. Numerous housing projects in the Mumbai Metropolitan Region (MMR) – around Sanjay Gandhi National Park, Tungareshwar Wildlife Sanctuary, Karnala Bird Sanctuary, Thane Bird Sanctuary, Phansad Wildlife Sanctuary and Panvel creek – got stalled after the NGT order In fact, prices of homes in 493 affected projects in the state, stalled due to the National Green Tribunal's direction in 2024 for centralised appraisal of large-scale construction projects, may rise by 7-8%, the developers said. 'Developers who had mobilised capital for launching projects were severely inconvenienced by the restriction, and had to wait for nearly a year till the power was restored with the state-level authority,' said Keval Valambhia, chief operating officer, CREDAI-MCHI. 'Most of the affected projects were for mass housing, and homes in these projects are likely to be dearer by 7-8% compared to earlier prices.' As per rules, developers must secure environmental clearances before applying for commencement certificates for their projects and registering the same with the housing regulator. Homes can only be sold after this entire process is completed. The NGT's Bhopal bench had, in August 2024, barred SEIAAs from approving realty projects measuring over 20,000 square metres and located within 5 kilometres of ecologically sensitive areas. The NGT had directed developers to seek approval instead from the ministry of environment and forest, climate change (MoEFCC). Most developers in Maharashtra adopted a wait and watch approach following the NGT order, instead of applying for necessary approvals with the central ministry. Consequently, numerous housing projects in the Mumbai Metropolitan Region (MMR) – around Sanjay Gandhi National Park, Tungareshwar Wildlife Sanctuary, Karnala Bird Sanctuary, Thane Bird Sanctuary, Phansad Wildlife Sanctuary and Panvel creek – got stalled. Valambhia from CREDAI-MCHI and several others said Tuesday's apex court order restoring SEIAA's powers would not benefit consumers as developers would be keen to recover losses incurred while waiting for approvals. But others said affected developers were never told not to secure the necessary approvals from the central government. 'They could have moved an application with the expert appraisal committee (under the MoEFCC) in New Delhi, the way a handful of developers did, including a Gujarat-based developer with a mega project in Mumbai,' a developer who did not wish to be identified told HT. Pankaj Kapoor, founder and managing director of Liases Foras, a non-broking real estate research company, concurred with the developer. Lack of environmental clearance was only one of several factors – such as subdued sales – due to which many housing projects got stalled, he said. Home buyers may still have to pay more than earlier as such developments often lead to speculative pricing, he noted.
Hindustan Times
05-08-2025
- Business
- Hindustan Times
Supreme Court order on green clearance paves way for 493 stalled real estate projects in Mumbai and Pune: CREDAI-MCHI
In a major victory for 493 stalled real estate projects across the Mumbai Metropolitan Region (MMR) and Pune, the Supreme Court (SC) on August 5 disposed of writ petition of Vanshakti NGO vs Union of India, and reaffirmed that the State Environment Impact Assessment Authority (SEIAA) and State Expert Appraisal Committee (SEAC) shall continue to remain the competent authorities for project-level environmental assessments. The Supreme Court judgment removes regulatory ambiguity that had severely impacted project approvals, construction timelines, and homebuyer confidence, CREDAI-MCHI said in a statement (Representational photo)(Pexels) In its ruling, the SC reaffirmed that the State Environment Impact Assessment Authority (SEIAA) and the State Expert Appraisal Committee (SEAC) would remain the competent authorities for conducting project-level environmental assessments, allowing state agencies to continue overseeing environmental clearances. "This landmark ruling brings long-awaited relief to over 493 projects stalled in the Mumbai Metropolitan Region (MMR) and Pune, affecting more than 70,000 housing units, particularly in the affordable and mid-income segments. The judgment removes regulatory ambiguity that had severely impacted project approvals, construction timelines, and homebuyer confidence," CREDAI-MCHI said in a statement. Also Read: Over 70,000 housing units stalled across MMR amid green clearance hurdle According to the statement, the SC has also struck down key portions of the 2014 and 2016 notifications, specifically Clause 14(a) and Appendix 16, that had sought to introduce an Environmental Cell under local authorities, a move that would have led to confusion and potential overlaps in jurisdiction. Additionally, the court rejected the differential regulatory treatment for industrial sheds and educational buildings under the Environment (Protection) Act, 1986, underscoring the need for uniformity in environmental regulation, the statement said. Also Read: SC upholds environment ministry notification, junks exemption clause for big projects Domnic Romell, president, CREDAI-MCHI, said, 'This judgment is a direct result of CREDAI-MCHI's proactive legal intervention to protect the interests of our members and the thousands of homebuyers impacted by stalled projects. We initiated this petition to bring clarity to an increasingly complex and ambiguous environmental clearance process, and we are grateful that the Hon'ble Supreme Court has upheld the role of SEIAA and SEAC as competent authorities." Also Read: Over 25,000 buildings in Mumbai Metropolitan Region eligible for redevelopment with ₹30,000 cr value: CREDAI-MCHI According to CREDAI-MCHI's statement, the official order from the SC is awaited.
Business Standard
16-06-2025
- Business
- Business Standard
Shri Narayan Rane, MP inaugurates The WOArchitect Career Conclave 2025, India's first-ever architectural career conclave supported by CREDAI-MCHI
VMPL Mumbai (Maharashtra) [India], June 16: The WOArchitect Career Conclave (WCC) 2025, India's first-ever conclave dedicated solely to career opportunities in architecture, concluded today at the NESCO Centre, Mumbai, with an enthusiastic turnout of over 700 registered participants from across the country--including students, architects, professionals, corporates, employers, design studios, architectural firms, educational institutions, and exhibitors. The day-long event, supported by CREDAI-MCHI, was inaugurated by Shri Narayan Rane, Hon'ble Member of Parliament, who commended the initiative for addressing the long-overlooked gap in structured career guidance for architects in India. Shri Narayan Rane, Hon'ble Member of Parliament highlighted, "Alongside my political journey, I have consistently focused on personal growth and entrepreneurship from the age of 15. While I do not hold a formal degree in architecture, my hands-on experience in business has been invaluable. Relying solely on jobs may not lead to real progress--building businesses is just as crucial for the growth of our state and our nation. I urge the youth not to limit themselves by budgets or job expectations but to pursue entrepreneurship with courage, knowledge, and creativity. By learning continuously, meeting diverse people, and reading extensively, we can unlock innovation and elevate Indian architecture on the global stage." He further added, "I have reserved 1400 acres of land in Sindhudurg to invite 500 to 1000 companies and create over 1 lakh employment opportunities. I am working tirelessly to transform Konkan into a vibrant hub of innovation--our very own California--by adopting modern techniques and infrastructure. By learning continuously, meeting diverse people, and reading extensively, we can unlock innovation and elevate Indian architecture on the global stage." Conceptualized and curated by Ar. Milind Surve and Ar. Snehal Jagdale Surve--Directors at Alternate Angle and Alternate Angle Academy and Co-Founders of WOArchitect--the conclave presented a transformative platform to explore career trajectories beyond conventional practice. From technology and research to legal frameworks, education, and content creation, the event showcased emerging and diverse paths within the profession. Ar. Milind Surve, Co-Founder of WOArchitect mentioned, "Architecture is no longer confined to traditional practice. With WCC 2025, we wanted to broaden the horizon for young architects and demonstrate that design thinking can be applied across industries. It's time we reshaped the narrative around architectural careers in India." The agenda for the day featured a mix of keynote presentations, expert-led seminars, a vibrant job fair, and higher education showcases. Renowned architects such as Ar. Hrishikesh Phadke, Ar. Rupali Gupte, Ar. Makarand Toraskar, Ar. Amol Shimpi, Ar. Keval Valambhia, and Ar. Sagar Saoji presented valuable insights across topics like techno-legal frameworks, management, research, and architecture in the digital age. A key highlight was the evening panel discussion, "Navigating Architectural Career Map through Roles, Risks & Rewards," moderated by Ar. Amita Gore. The panel featured candid insights and thought-provoking narratives around evolving roles in architecture, real-world challenges, and the wide range of rewards that come from exploring unconventional paths. Commenting on the conclave, Ar. Snehal Jagdale Surve shared, "This conclave is our step toward empowering architects to think beyond a linear path. We wanted to create a space where students and professionals could meet mentors, explore untapped domains, and get the tools they need to craft a meaningful career." Mr. Keval Valambhia, COO, CREDAI-MCHI, shared, "CREDAI-MCHI is proud to support a forward-looking initiative like WCC 2025. The conclave plays a crucial role in realigning how we view architectural careers in India. From compliance to creativity, today's architects must wear many hats--and this platform does an outstanding job of preparing them for that reality." With over 15,000 members already engaged through WOArchitect's online platform, which offers career tests, e-learning, job boards, and entrepreneurial resources, the successful execution of WCC 2025 marks a milestone in expanding its real-world impact. The conclave has set a new precedent in career-oriented discourse for architecture in India and reaffirmed WOArchitect's commitment to professional empowerment, innovation, and lifelong learning. About WOArchitect: WOArchitect is a professional platform dedicated to helping architects discover career paths, educational opportunities, and a thriving business network. Through its innovative tools and expert-led initiatives, WOArchitect empowers the architecture community to achieve professional excellence.
Hindustan Times
22-05-2025
- Business
- Hindustan Times
Maharashtra approves new housing policy after nearly two decades: 5 key highlights
The Maharashtra cabinet has approved the state's much-awaited 2025 Housing Policy, aiming to construct 35 lakh affordable homes by 2030. With an investment outlay of ₹70,000 crore, the policy outlines a comprehensive plan to support homebuyers, developers, and other stakeholders across the housing ecosystem. 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.
