logo
#

Latest news with #MaharashtraHousingPolicy2025

Maharashtra Housing Policy 2025 formally approved: 5 things you should know
Maharashtra Housing Policy 2025 formally approved: 5 things you should know

Hindustan Times

time2 days ago

  • Business
  • Hindustan Times

Maharashtra Housing Policy 2025 formally approved: 5 things you should know

The Maharashtra government has recently formalised the Maharashtra Housing Policy 2025, titled My House, My Right, with a vision to ensure affordable and adequate housing for all citizens. The Maharashtra government has recently formalised the Maharashtra Housing Policy 2025, titled My House, My Right, with a vision to ensure affordable and adequate housing for all citizens. (Picture for representational purposes only)(Pixabay) The policy outlines key goals, such as redeveloping old buildings, rehabilitating slum dwellers, and revitalising stalled real estate and slum redevelopment projects through public-private partnerships. A significant initiative under the policy is the creation of a dedicated land bank for residential use by 2026, aimed at streamlining housing development across the state. In a notable move to promote senior living housing, the government has introduced a game-changing incentive, a dramatic reduction in stamp duty to a flat rate of just ₹1,000. This is expected to make retirement housing more accessible and attract greater private sector participation in the segment. The Maharashtra government's cabinet approved the new Maharashtra Housing Policy 2025 in May 2025; however, on July 23, the Maharashtra Housing Department issued a Government Resolution (GR) on the policy, which is considered to be one step further towards its implementation in the state. Here are five things to know about the Maharashtra Housing Policy 2025. 1) Investment of ₹ 70,000 crore expected under the Maharashtra Housing Policy 2025 The government expects an investment of ₹70,000 crore during the policy's implementation. Its target is to generate 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. 2) Revival of stalled projects The Maharashtra government's 2025 housing policy includes targeted measures to revive stalled real estate and slum redevelopment projects, particularly using a cluster redevelopment model for greater efficiency and scale. Also Read: Maharashtra approves new housing policy after nearly two decades: 5 key highlights 3) Stamp duty relaxations for senior living housing The Maharashtra government's newly finalised Housing Policy 2025 introduces a game-changing incentive for senior living housing: stamp duty has been dramatically reduced to a flat ₹1,000, replacing the previous slab of 5–7% of property value depending on location. The move aims to make retirement homes more affordable and accelerate development in this underserved segment. Also Read: Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000 4) Push for self-redevelopment of old buildings The Maharashtra government has strongly pushed 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. 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. 5) Affordable housing survey As part of its Maharashtra Housing Policy 2025, the Maharashtra government has proposed a housing demand survey across all districts to assess the current requirements. The government noted that post-COVID-19, housing needs and consumption patterns have changed drastically, making it essential to update the policy framework. Also Read: Maharashtra Housing Policy 2025: Statewide survey proposed to assess housing demand in post-COVID-19 era According to the policy, a detailed housing need survey and analysis will be carried out across all state districts and is targeted for completion by 2026. This will enable a district-wise understanding of housing demand.

MHADA lottery 2025: 5,285 flats, 77 plots up for grabs in Konkan region
MHADA lottery 2025: 5,285 flats, 77 plots up for grabs in Konkan region

Hindustan Times

time13-07-2025

  • Business
  • Hindustan Times

MHADA lottery 2025: 5,285 flats, 77 plots up for grabs in Konkan region

The Maharashtra Housing and Area Development Authority's (MHADA) Konkan Board has announced a lottery for 5,285 affordable flats and 77 plots near Mumbai, starting July 14. The housing units are located in areas such as Vasai, Thane, Kulgaon, and Badlapur, while the plots are available in the Sindhudurg district of the Konkan region. MHADA lottery 2025 update: The Maharashtra Housing and Area Development Authority's (MHADA) Konkan Board has announced a lottery for 5,285 affordable flats and 77 plots near Mumbai, starting July 14 (Picture for representational purposes only)(Mehul R Thakkar/HT ) According to a statement from MHADA, applications with price details and location information will be available online from 1 pm on July 14. The lottery draw will be held on September 3, with an inauguration ceremony scheduled for Monday, July 14, 2025. Schedule for the housing lottery The last date to submit applications online is August 13, until 11:59 pm, and the deadline to pay the earnest money deposit (EMD) is August 14, by 11:59 pm. MHADA will release the draft list of eligible applicants on August 21 by 6 pm, with the window for raising objections open until 6 pm on August 25. The final list of eligible applicants will be published on September 1, it said. The MHADA said housing units and plots are being offered under various schemes, including 565 flats under the 20% Inclusive Housing Scheme, 3,002 flats under the 15% Integrated Urban Housing Scheme, 1,677 flats under the Konkan Board Housing Scheme and scattered flats in existing conditions, 51 flats under the Konkan Board Affordable Housing category (with 50% affordability criteria), and 77 plots under the Konkan Board Housing Scheme. Also Read: MHADA plans to conduct two housing lotteries annually, create stock of 50,000 affordable homes over the next five years MHADA has clarified that its lottery system is fully online and transparent, with no human involvement. The authority said that it has not appointed any agents, consultants, or property dealers, and strongly warned applicants against engaging with third parties or falling for misleading offers. Also Read: Maharashtra Housing Policy 2025: Statewide survey proposed to assess housing demand in post-COVID-19 era MHADA lottery 2025 Mumbai reported in May 2025 that the MHADA is expected to announce the draw for approximately 5,000 affordable homes around Diwali 2025. "The MHADA is planning to announce a lottery draw of about 5,000 homes this September - October," Sanjeev Jaiswal, vice president and chief executive officer of MHADA, told reporters in May 2025. According to MHADA officials, around 5,200 affordable homes are likely to be part of the draw, which will be announced in the coming months. The schedule, pricing, and locations of the MHADA lottery 2025 for Mumbai will be announced at a later stage, as they are yet to be finalised. Also Read: MHADA lists 20 buildings as extremely dangerous in South Mumbai, asks residents to move out before monsoon hits In 2024, more than 2000 affordable homes in the price range of ₹29 lakh to ₹6.82 crore were up for sale.

Dharavi Redevelopment: Maharashtra govt approves stamp duty concessions for Special Purpose Vehicle
Dharavi Redevelopment: Maharashtra govt approves stamp duty concessions for Special Purpose Vehicle

Hindustan Times

time17-06-2025

  • Business
  • Hindustan Times

Dharavi Redevelopment: Maharashtra govt approves stamp duty concessions for Special Purpose Vehicle

The Maharashtra cabinet has approved a proposal to offer stamp duty concessions on lease agreements between the Special Purpose Vehicle (SPV) formed for the Dharavi Redevelopment Project and various related government bodies. The move aims to expedite the implementation of this large-scale rehabilitation and redevelopment initiative in one of Asia's largest slum clusters, the Chief Minister's Office (CMO) said in a statement on June 17. The decision was taken at a meeting chaired by Chief Minister Devendra Fadnavis. An SPV has been set up for the integrated redevelopment of Dharavi, a sprawling slum settlement in central Mumbai. The project is a joint venture between the Maharashtra government and the Adani Group. The Dharavi project has already been designated a vital urban infrastructure and special project, qualifying it for such concessions, the statement said. "The concession applies to sub-lease agreements involving the Railway Land Development Authority (RLDA), Delhi, the Dharavi Redevelopment Project SPV, and the Slum Rehabilitation Authority (SRA), Mumbai. These agreements have now been officially included under the state's stamp duty relief policy to facilitate smoother execution," the CMO said in the statement. Also Read: Mumbai's Dharavi redevelopment project: Adani Group to develop 43% of land for free sale in the open market The redevelopment is being carried out by a special purpose vehicle (SPV) set up through a joint venture between the Maharashtra government's Slum Rehabilitation Authority (SRA) and the Adani Group's Dharavi Redevelopment Project Private Limited (DRPPL), now known as Navbharat Mega Developers Private Limited (NMDPL). In this SPV, Adani Properties Private Limited (APPL) holds an 80 per cent stake, while the SRA holds the remaining 20 per cent. The Adani Group won the bid for Dharavi redevelopment in November 2022. Also Read: Dharavi redevelopment: 6 relocation sites identified for project's ineligible residents The statement by the CMO said that, in a parallel decision, the Maharashtra cabinet approved a 50% stamp duty concession on land agreements related to the Raigad Pen Growth Centre project, a joint initiative between the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd. The growth centre is located in Pen taluka near Mumbai and falls within the New Town Development Authority limits of the MMRDA. The project for which a stamp duty concession is being granted involves registering 1,217.71 acres of land in the name of a special purpose vehicle. Also Read: Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000 The statement said that once completed, the growth centre will feature fintech parks, education and healthcare hubs, entertainment zones, affordable housing, retail spaces, and commercial clusters. According to the statement, the project in Pen is based on global urban planning standards and executed under a public-private partnership (PPP) model. It is expected to attract significant foreign investment and generate large-scale employment opportunities. The state expects long-term gains through higher stamp duty and tax revenues, which prompted the decision to offer a 50% concession on stamp duty.

Maharashtra Housing Policy 2025: Statewide survey proposed to assess housing demand in post-COVID-19 era
Maharashtra Housing Policy 2025: Statewide survey proposed to assess housing demand in post-COVID-19 era

Hindustan Times

time16-06-2025

  • Business
  • Hindustan Times

Maharashtra Housing Policy 2025: Statewide survey proposed to assess housing demand in post-COVID-19 era

The Maharashtra government, as part of its Maharashtra Housing Policy 2025, has proposed a housing demand survey across all districts to assess the current requirements. The government noted that post-COVID-19, housing needs and consumption patterns have changed drastically, making it essential to update the policy framework. According to the policy, a detailed housing need survey and analysis will be carried out across all districts of the state and is targeted for completion by 2026. This will enable a district-wise understanding of housing demand. "These surveys will focus on understanding existing housing conditions, socio-economic profiles, and access to basic infrastructure and services. The collected data will serve as the foundation for policy formulation, resource allocation, and prioritisation of housing projects to address diverse regional and demographic needs effectively," the policy reads. The policy highlights that a core component of the survey will be a comprehensive demand analysis aimed at capturing both current and projected housing needs across various income groups and geographic areas. Also Read: Maharashtra Cabinet approves Housing Policy 2025, targets 35 lakh affordable homes by 2030 It will take into account factors such as migration trends, rental housing dynamics, and the demand for affordable, rental, and special category housing. This data-driven approach, the policy states, will help the state align its housing supply strategies with actual ground-level demand, enabling more targeted and effective planning. The policy emphasises a need-based survey approach to ensure inclusive and equitable housing solutions across Maharashtra. As per the approved framework, the survey will assess housing requirements across different income groups, with a special focus on vulnerable populations such as economically weaker sections (EWS), low-income groups (LIG), working women, senior citizens, students, and persons with disabilities. Also Read: Maharashtra approves new housing policy after nearly two decades: 5 key highlights The Maharashtra government has also decided to conduct a district-wise survey of government land banks by March 2026 to identify land for public housing projects. The Maharashtra cabinet on May 22 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. Also Read: Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000 The Maharashtra government has also given incentives for senior living housing projects. Under the new policy, stamp duty for buyers of such properties has been reduced to a flat ₹1,000, down from the current 5% to 7% of the property's value, depending on the location.

Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri
Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri

Hindustan Times

time30-05-2025

  • Business
  • Hindustan Times

Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri

Bengaluru's listed real estate developer, Prestige Estates Projects Ltd, has partnered with Mumbai-based Valor Group (formerly known as DB Realty) to develop an office complex worth ₹4,500 crore in Mumbai's Andheri area. According to a regulatory filing, the project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai. As per the filing, ₹504 crore will be infused into a Special Purpose Vehicle (SPV) that will be set up to execute the project. Also Read: Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000 Prestige Estates announced on May 28 that it has successfully completed the first three landmarks in Mumbai, including Siesta at The Prestige City, Mulund, Prestige Jasdan Classic, and Prestige Turf Tower in Mahalaxmi. The company said these developments collectively span 2.8 million sq ft and mark the Group's significant debut delivery in the city since its Mumbai launch in 2022. Also Read: Mumbai's landmark ₹639 cr property deal: Why are pharma tycoons investing in luxury flats in the financial capital? According to the company, it will be handing over possession of nearly 700 residences and 130 office units in the coming months. Prestige Estates has a 38-year legacy and has delivered over 300 projects in the residential, commercial, retail, hospitality, and mixed-use segments. The company also recently announced its entry into the Delhi NCR real estate market. Also Read: Bengaluru-based Prestige Estates aims to 'rewrite the way real estate is done' in NCR On May 6, Irfan Razack, chairman and managing director of Prestige Estates, said that the company aims to 'rewrite the way real estate is done in the region,' with an emphasis on quality and timely delivery, key concerns that have historically plagued the Delhi-NCR property market.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store