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Time of India
a day ago
- Business
- Time of India
Maharashtra housing policy aims to provide houses for all and make state slum-free
MUMBAI , Providing affordable and adequate housing for all residents, redeveloping old buildings, and transforming slums through public-private partnerships are key components of the Maharashtra government's new housing policy "My House, My Right". A Government Resolution on the policy, approved by the state cabinet in May, was issued by the Housing Department on Wednesday. The government expects an investment of Rs 70,000 crore during the implementation of the policy. With its focus on "Housing for All", the policy aims to achieve a slum-free state by emphasising economically weaker sections, lower income and middle income segments. The government proposes to construct 35 lakh houses over the next five years, with the ultimate target to build 50 lakh houses over ten years. The policy proposes a comprehensive and statewide survey to assess the current and future housing needs. The survey, expected to be completed by 2026, forms a key part of the policy framework, the GR stated. The policy aims to conduct a comprehensive slum rehabilitation and redevelopment programme, redeveloping old buildings to improve living conditions, optimising land use and transforming slums through public-private partnerships. "It promotes inclusive housing by capturing resources created by the private market, integrated townships that offer affordable housing with essential services, and industrial workers' housing to ensure proximity to workplaces. The low-income groups, senior citizens, women, industrial workers and students will be given a priority in the policy", the GR stated. It stated that the government plans to increase the size of MahaAwas Fund to Rs 20,000 crore. "The ultimate target is to build 50 lakh houses in the next 10 years. To achieve this target, existing provisions under the Development Control and Promotion Regulations and Unified Development Control and Promotion Regulations and relevant institutional frameworks will be strengthened and modified as needed", it said. The GR stated that the State Housing Information Portal (SHIP) will soon be developed to provide information on housing development through government and private sector partnerships, developers, and state-run undertakings. It said the affordable housing has been given the infrastructure status, which will enable developers to avail external commercial Borrowing (ECB) and FDI for their projects. The affordable housing sector is also eligible for Priority Sector Lending (PSL) from banks and HFCs. Under the "Walk to Work" concept, around 10 to 30 per cent of land should be reserved for housing in MIDC (Maharashtra Industrial Development Corporation) areas. "Such land should be handed over to the appropriate authority at the applicable acquisition price, so that authority can create adequate housing stock in such areas. The authority can also partner with the private industries to provide housing for industrial workers in a PPP model", it said. The policy proposes to reserve 10 per cent to 15 per cent of the land suitable for housing projects adjacent to the ambitious infrastructure projects (Samruddhi Expressway and Delhi-Mumbai Industrial Corridor). Green building initiatives will be undertaken to promote sustainable development through eco-friendly practices and certifications. To ensure inclusive development, the policy will address affordable housing for other vulnerable groups, such as senior citizens, working women, students, Project Affected Persons (PAPs) and migrant workers. Amid burgeoning challenges due to climate change, the policy advocates construction of resilient and adaptable houses. The policy proposes a slew of incentives including single-window clearance, one per cent GST, floor space index (FSI) up to 2.5 per cent, commercial use permitted up to 10 per cent of utilised FSI, concession in development changes, waiver of registration and stamp duty charges to the operators, reduced property tax for the first ten years of operation and 100 per cent deduction on the profit of operating student housing. It stated that slum rehabilitation schemes on public land can be implemented in a joint venture by setting up a Special Purpose Vehicle (SPV) and adopting the Dharavi model of 20:80 redevelopment. For this purpose, the initiative will require the Slum Rehabilitation Authority (SRA) to set up a special purpose company in which the SRA should hold a 20 per cent stake with voting rights. The GR stated that the planned survey to assess current and future housing needs across all districts will serve as the foundation for future policy-making, enabling data-driven decisions on housing development, resource allocation, and prioritisation of infrastructure. The exercise will include assessment of the existing housing stock, socio-economic profiles of households, and the availability of basic infrastructure and civic amenities. A major focus of the survey will be the detailed analysis of housing demand. The government aims to capture demands across various income groups and geographical areas. The policy will also facilitate a comprehensive land bank database to identify government-owned land parcels suitable for residential use. A survey will identify and verify government and semi-government land available for construction. The data will be compiled into a district-wise digital land bank. The SHIP portal will also facilitate coordination between state and Central departments, including the PM Gati Shakti initiative, urban local bodies, and infra agencies.
Hans India
2 days ago
- Business
- Hans India
Maha housing policy sets ambitious target of construction of 35 lakh houses
Mumbai: In a serious bid to pursue its vision of 'My House, My Right', by 2030, the Maharashtra government on Wednesday released a government resolution on the Housing Policy 2025. The government, which expects an investment of Rs 70,000 crore during the implementation of this ambitious housing policy, proposes to construct 35 lakh houses in five years. Further, the government plans to increase the size of MahaAwas Fund to Rs 20,000 crore. The ultimate target is to build 50 lakh houses in the next 10 years. To achieve this ambitious target, existing provisions under the Development Control and Promotion Regulations/Unified Development Control and Promotion Regulations and relevant institutional frameworks will be strengthened and modified as needed. Additionally, active participation from the private sector will be promoted through a range of incentive-based measures. The government proposes to carry out a comprehensive programme for slum rehabilitation and redevelopment. The specific needs of low-income earners, senior citizens, women, industrial workers and students will be given priority consideration in the policy. The district land banks of the government and semi-government lands will be created. The state-level portal will soon be developed for providing information on housing development through government-private sector partnership, through developers and also through state-run undertakings. The policy, which focuses on housing for all, also aims to achieve a slum-free state by laying emphasis on the economically weaker sections (EWS), lower income group (LIG) and middle income group (MIG) segments of the policy. The policy proposes affordable housing initiatives, redevelopment of old buildings to improve living conditions and optimise land use and transforming slums through public-private partnerships. It promotes inclusive housing by capturing resources created by the private market, integrated townships that offer affordable housing with essential services, and industrial workers' housing to ensure proximity to workplaces. Affordable housing has been given infrastructure status. This enables the developers to avail of External Commercial Borrowing (ECB), Foreign Direct Investment (FDI) for their projects. It is also a sector eligible for Priority Sector Lending (PSL) from Banks and HFCs. On the concept of Walk to Work, around 10 per cent to 30 per cent land should be reserved for housing in MIDC (Maharashtra Industrial Development Corporation) areas. Such land should be handed over to the appropriate authority at the applicable acquisition price, so that authority can create an adequate housing stock in such areas. The authority can also partner with the private industries to provide housing for industrial workers in a PPP model. The policy proposes to reserve 10 per cent to 15 per cent of the land suitable for housing projects adjacent to the ambitious infrastructure projects (adjacent to Samruddhi Highway, Delhi Mumbai Industrial Corridor). The policy focuses on green building initiatives to promote sustainable development through eco-friendly practices and certifications. To ensure inclusive development, the policy also attempts to address affordable housing for other vulnerable groups such as senior citizens, working women, students, Project Affected Persons (PAPs) and migrant workers. Senior citizen housing addresses unique safety and accessibility needs, and community support, and housing for students and working women ensures safety and affordability. Project-Affected Persons (PAP) housing provides solutions for those displaced by development projects. Affordable rental housing schemes cater to transient populations, including migrant workers and students. Affordable Rental Housing Complexes (ARHC) scheme under PMAY and rental housing projects under other state schemes will be leveraged to provide rental housing for migrant industrial workers. Amid burgeoning challenges due to climate change, the policy advocates the construction of resilient housing towards climate change mitigation and adaptation. Such housing is designed to minimise damage, reduce vulnerability and reduce the impacts of adverse weather conditions. The policy proposes a slew of incentives including single window clearance, 1 per cent GST, floor space index (FSI) up to 2.5 per cent, commercial use permitted up to 10 per cent of utilised FSI, concession in development changes, waiver of Registration and Stamp Duty charges to the operators, reduced Property Tax for first ten years of operation and 100 per cent deduction on the profit of operating student housing. In case of slum rehabilitation schemes on public land, the slum rehabilitation schemes can be implemented in a Joint Venture (JV) by setting up a Special Purpose Vehicle (SPV) and adopting the Dharavi model of 20:80. For this purpose, the initiative will require the Slum Rehabilitation Authority (SRA) to set up a special purpose company in which the SRA should hold a 20 per cent stake with voting rights. In order to promote adoption of new and innovative construction technologies and cost-effective, environment-friendly, locally available and disaster-resilient construction materials, the government has offered sops including income tax deductions on expenses on innovative construction technology, reduced GST on materials and a technology innovation grant. In order to promote construction finance, the government proposes to set up state state-level distressed asset fund, an amnesty scheme and interest-free loans. In addition, a state-level constitution fund will be set up to support affordable housing and housing projects by public authorities, public-private partnerships, as well as projects by private developers.
Indian Express
2 days ago
- Business
- Indian Express
State releases Housing Policy 2025, targets to build 50 lakh houses in 10 years
In a bid to pursue its vision of 'My House, My Right' by 2030, the state government on Wednesday released a resolution on the Housing Policy 2025, for the implementation of which the government is expecting an investment of Rs 70,000 crore. According to the policy, the government proposes to carry out a comprehensive programme for slum rehabilitation and redevelopment. The specific needs of low-income earners, senior citizens, women, industrial workers and students will be given priority consideration in the policy. As part of the policy, the government proposes to construct 35 lakh houses in five years. Further, the government plans to increase the size of MahaAwas Fund to Rs 20,000 crore. 'The ultimate target is to build 50 lakh houses in the next 10 years…To achieve this ambitious target, existing provisions under the Development Control and Promotion Regulations/Unified Development Control and Promotion Regulations and relevant institutional frameworks will be strengthened and modified as needed. Additionally, active participation from the private sector will be promoted through a range of incentive-based measures,' the policy said. 'The state level portal will soon be developed for providing information on housing development through government private sector partnership, through developers and also through state-run undertakings,' it said. The policy, which focuses on housing for all, aims to be a slum-free state by laying emphasis on economically weaker sections (EWS), lower income group (LIG) and middle income group (MIG) segments of the policy. The policy proposes affordable housing initiatives, redevelopment of old buildings to improve living conditions, optimization of land use and transformation of slums through public-private partnerships. It promotes inclusive housing by capturing resources created by the private market, integrated townships that offer affordable housing with essential services, and industrial workers' housing to ensure proximity to workplaces. Affordable housing has been given infrastructure status. This enables the developers to avail external commercial borrowing (ECB) and foreign direct investment (FDI) for their projects. It is also a sector eligible for priority sector lending (PSL) from banks and HFCs. On the concept of Walk to Work, around 10 per cent to 30 per cent land will be reserved for housing in MIDC (Maharashtra Industrial Development Corporation) areas. Such land should be handed over to the appropriate authority at the applicable acquisition price, so that authority can create adequate housing stock in such areas. The authority can also partner with the private industries to provide housing for industrial workers in a public-private partnership model. The policy proposes to reserve 10per cent to 15per cent of the land suitable for housing projects adjacent to the ambitious infrastructure projects (such as Samruddhi highway, Delhi Mumbai Industrial Corridor). The policy focuses on green building initiatives to promote sustainable development through eco-friendly practices and certifications. To ensure inclusive development, the policy also attempts to address affordable housing for other vulnerable groups such as senior citizens, working women, students, project affected persons (PAPs) and migrant workers. Amid burgeoning challenges due to climate change, the policy advocates construction of resilient housing towards climate change mitigation and adaptation. The policy proposes a slew of incentives including single window clearance, 1 per cent GST, floor space index (FSI) up to 2.5 per cent, commercial use permitted up to 10 per cent of utilised FSI, concession in development changes, waiver of registration and stamp duty charges to the operators, reduced property tax for the first 10 years of operation and 100% deduction on the profit of operating student housing. In case of slum rehabilitation schemes on public land, the slum rehabilitation schemes can be implemented in a joint venture by setting up a special purpose vehicle (SPV) and adopting the Dharavi model of 20:80. For this purpose, the initiative will require the Slum Rehabilitation Authority (SRA) to set up a special purpose company, in which the SRA should hold a 20 per cent stake with voting rights.
Time of India
01-07-2025
- Business
- Time of India
MHADA appoints Keystone Realtors to redevelop 25 buildings in GTB Nagar, Mumbai
NEW DELHI: Keystone Realtors has received the letter of acceptance (LOA) for the redevelopment of 25 buildings of Sindhi refugees at Guru Teg Bahadur Nagar (GTB Nagar) in Sion Koliwada, Mumbai , being undertaken in collaboration with Maharashtra Housing and Area Development Authority ( MHADA ). Spread across a plot area of approximately 11.19 acres (45,308 sq meters), this redevelopment will benefit over 1,400 families, and is expected to unlock a saleable area of approximately 20.7 lakh sq feet, with an estimated gross development value (GDV) of ₹4,521 crore. Boman Irani, chairman and managing director of the company said, "We are honoured to have received the LOA for the redevelopment of GTB Nagar in Sion; a project that carries the hopes of 1,200 society members and 200 slum residents." Constructed in 1958 for post-independence migrants, the buildings were declared unsafe by the Brihanmumbai Municipal Corporation (BMC) in 2020 and were subsequently demolished. Following this, the affected residents had to seek alternative accommodation on their own. The state cabinet, in its meeting held on 14 February 2024, approved the redevelopment proposal through the appointment of a Construction and Development Agency under Regulation 33(9) of the Development Control and Promotion Regulations (DCPR). A corresponding Government Resolution was issued on 23 February 2024, designating MHADA as the special planning authority for the execution of this project. As per the proposal submitted by MHADA, a minimum floor space index (FSI) of 4.5 will be available including fungible area, ensuring each eligible family receives a free home measuring 635 sq. ft. Additionally, MHADA will receive 25,700 sq meters of built-up space as housing stock. Sanjeev Jaiswal, vice president and CEO, MHADA said that this is the first redevelopment project being executed by MHADA on private land through an appointed construction and development agency. He termed it a historic and model redevelopment initiative. A 5 to 7-member committee comprising society representatives will be constituted to oversee and review project updates. Post-redevelopment, MHADA will provide five years of maintenance charges and monthly rent of ₹20,000 until completion.
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Business Standard
01-07-2025
- Business
- Business Standard
Keystone to redevelop Mumbai locality with Mhada, eyes GDV of Rs 4,521 cr
Keystone Realtors (Rustomjee Group) has got approval for its proposal to redevelop 25 buildings in GTB Nagar of Mumbai's Sion Koliwada that have a gross development value (GDV) of Rs 4,521 crore. Keystone will work on the project in collaboration with the Maharashtra Housing and Area Development Authority (Mhada), which gave a letter of approval (LoA) to the company. The redevelopment, spread across a plot area of 11.19 acres (45,308 square metres), will rehabilitate around 1,200 society members and unlock a saleable area of approximately 20.7 lakh square feet (sq ft) for Keystone. Constructed in 1958 for post-Independence migrants, the buildings in GTB Nagar were declared unsafe by the Brihanmumbai Municipal Corporation in 2020 and subsequently demolished. Residents had to seek alternative accommodation on their own. In response to appeals by tenant societies, the state government approved the redevelopment of the site through Mhada, despite the land being privately owned. The state cabinet, in a meeting held on February 14, 2024, approved the redevelopment proposal through the appointment of a construction and development agency under Regulation 33(9) of the Development Control and Promotion Regulations. A corresponding government resolution was issued on 23 February 2024, designating Mhada as the special planning authority for the execution of this project. Legal petitions related to this project had reached the Bombay High Court and the Supreme Court. 'The Supreme Court's landmark judgement in this case has paved the way for Mhada to undertake similar projects in the future,' Mhada said. As per the proposal submitted by Mhada, a minimum floor space index (FSI) of 4.5 will be available, including fungible area. Each eligible family will receive a free home measuring 635 sq ft. Additionally, Mhada will receive 25,700 square metres of built-up space as housing stock. Until the project is completed, Mhada will provide a monthly rent of Rs 20,000 to the eligible tenants. Post-redevelopment, the state-owned agency will provide five years of maintenance charges. Boman Irani, chairman and managing director of Keystone Realtors, said: 'We are honoured to have received the LoA for the redevelopment of GTB Nagar in Sion, a project that carries the hopes of 1,200 society members and 200 slum residents. With over 1,400 families involved, this is among the largest redevelopment initiatives the city has seen, and we are privileged to be entrusted with this responsibility.' Recently, the Mumbai Building Repairs and Reconstruction Board, a unit of Mhada, issued a tender for the cluster redevelopment of Kamathipura in South Mumbai. Spread across 34 acres, it includes approximately 943 cess buildings in lanes 1 to 15, with around 6,625 residential and 1,376 non-residential tenants, totalling 8,001 occupants. Meanwhile, mega redevelopment projects such as the Dharavi slum redevelopment (by Adani Group), the BDD Chawl project in Worli (by a consortium led by Tata Projects), the Bharat Nagar project in Bandra (by Omkar Realtors & Developers, Forum Homes, HDIL, and others), and the Motilal Nagar project in Goregaon (by Adani Group) are underway in Mumbai.
