Latest news with #CREDAI-MCHI
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.
Hindustan Times
20-05-2025
- Business
- Hindustan Times
BMC approves air quality monitors for construction sites
MUMBAI: The civic administration has approved 15 models of low-cost air quality sensors to be installed at every construction site in Mumbai, as mandated by the Bombay High Court. Readings from these monitors will be displayed on-site as well as online, alerting the civic body as well as residents to a potential breach of air quality limits. 'In February, the BMC had invited firms to submit their sensor-based air quality monitors for scrutiny,' said an official from the Brihanmumbai Municipal Corporation's environment department. 'Of a total of 22, we have selected 15 that meet our specifications.' While these monitors have been mandated since 2023, only 10% of construction sites have installed them, most of them unreliable, he said. The BMC will now communicate the makes and models of the sensors – each of which costs ₹1-2 lakh – through the AutoDCR portal, so that builders can set up sensors at their construction sites. They will also have to install a display board with air quality readings. The Bombay High Court had ruled on a suo moto petition on air pollution in late April, that sensors should be set up within six weeks, till the second week of June. If not, the court said, construction sites would be told to shut. The BMC officer, however, said the BMC would urge the court to extend the deadline by a month. Keval Valambhia, COO of CREDAI-MCHI, a body of real-estate developers, said, 'While mandating air quality sensors is a good step, the government must incentivise and encourage the use of green building technologies, which are more expensive than the usual. It is also unfair to blame the issue of air pollution on the construction industry. Hence we have tied up with MahaPreit, a Government of Maharashtra company, to analyse how much it contributes.' Last week, CREDAI-MCHI held a workshop with WRI India, the BMC and MPCB, on air pollution mitigation, with site engineers and other officials on site, highlighting solutions like fogging, wheel washing, enclosed cutting and drilling areas, etc. It will take around month for developers to install the sensors on site and three months for the BMC to set up a portal for the readings to be displayed on an online dashboard. With this step, the BMC will be able to identify errant construction sites instead of taking action on an entire civic ward with poor air quality, as it did last winter.
Hindustan Times
08-05-2025
- Business
- Hindustan Times
Over 25,000 buildings in Mumbai Metropolitan Region eligible for redevelopment with ₹30,000 cr value: CREDAI-MCHI
Over 25,000 buildings across the Mumbai Metropolitan Region (MMR) are eligible for redevelopment, with the total estimated project value exceeding ₹30,000 crore, according to a statement issued by real estate developers' apex body CREDAI-MCHI on May 8. The organisation emphasized that unlocking Mumbai's full redevelopment potential requires directly addressing viability issues. "Approval costs in Mumbai stand at ₹55,200 per square metre, significantly higher than ₹1,800 in Pune and ₹5,500 in Delhi. This highlights the disproportionately high development charges in the city," CREDAI-MCHI stated. The apex body was reacting to Bombay High Court's ruling that clarified that GST is not applicable where homeowners appoint a developer to carry out redevelopment work. The legal representatives of CREDAI-MCHI also said that the court merely ruled that GST on development rights is not payable under the reverse charge mechanism—it did not abolish the tax altogether. Also Read: Motilal Nagar Redevelopment: 5 things to know about Adani Group's latest acquisition in the Mumbai real estate market The legal representatives stated that developers remain exposed to legal and financial risk until the GST Council or a larger bench of the High Court gives a conclusive verdict. The Bombay High Court last month clarified that GST is not applicable to developers where homeowners appoint a developer to carry out redevelopment work, provided there is no sale or Transfer of Development Rights (TDR) or Floor Space Index (FSI). The court quashed the tax demand, noting that the agreement was purely for construction and did not involve any transfer of TDR or FSI. Harsh Shah, Partner, Economic Laws Practice (ELP)added, "The confusion around the GST treatment of development rights has resulted in a wave of litigations across the country—with cases pending in Bombay, Delhi, Gujarat, and Karnataka High Courts. The judgment by the Nagpur bench of the Bombay High Court has been misinterpreted in some quarters as a blanket exemption from GST, which is inaccurate." 'A clear and consistent interpretation of GST law, in line with the nature of redevelopment transactions, is essential to restore confidence in the sector,' Shah said. Also Read: Shahrukh Khan's sea-facing building on Mumbai's Carter Road may go in for redevelopment According to Rohit Jain, Deputy Managing Partner, Economic Laws Practice (ELP), "Developers today face up to four layers of GST—5% on sale to customers, 18% on transfer of development rights, 5% on units handed back to existing residents, and non-creditable GST on construction materials." Jain said, "These cascading taxes severely impact margins and slow down redevelopment. It is important to clarify that despite recent high court rulings, GST is still applicable—either under forward or reverse charge mechanisms—and the confusion in interpretation must be addressed urgently. "CREDAI-MCHI, along with several developers, has made detailed representations to the GST Council, and we hope for swift intervention to reclassify development rights as immovable property, which should not attract GST under prevailing laws," Jain said. Also Read: Dharavi Redevelopment: 5 highlights of the master plan and the ongoing survey "When you add layers of GST and regulatory ambiguity to that, projects simply do not take off. Solving these issues is not just about helping developers—it is about providing safer homes to thousands living in dilapidated buildings, improving urban infrastructure, and unlocking housing supply," said Sunny Bijlani, Joint Secretary, CREDAI-MCHI. "Fixing GST interpretation and aligning taxation to ground realities can significantly accelerate redevelopment. These are low-hanging fruits with massive economic and social impact, and we urge decision-makers to act swiftly," Bijlani said. The apex body concluded in the statement that the Bombay High Court judgment is expected to stimulate redevelopment in Mumbai,a city where vertical growth remains the most practical solution amid limited land availability and ageing infrastructure.
Time of India
28-04-2025
- Business
- Time of India
Ravi Kewalramani
Ravi Kewalramani, after a decade in the U.S. diamond trade, he returned to Mumbai to join his family's real estate business. A second-generation real estate professional, he shares a diverse range of content, including property tours of luxurious homes, commercial spaces, and developments across price points. His also shares insights on market trends, investment tips, and property financing. Through his educational yet entertaining approach, Ravi has amassed over 1 million Instagram followers and 300,000 YouTube subscribers. His content earned him accolades such as the "Real Estate Influencer of the Year – India & Beyond" from CREDAI-MCHI and the "Iconic Influencer of the Year" title from Mid-Day.
