Latest news with #MaharashtraHousingPolicy2025
Hindustan Times
30-05-2025
- 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.
News18
29-05-2025
- Business
- News18
Maharashtra Housing Policy 2025: Rent-To-Own, Walk-To-Work Vision Makes Housing A Right, Say Experts
Last Updated: The Maharashtra government has approved the Housing Policy 2025, aiming for 35 lakh affordable homes by 2030, focusing on EWS, LIG housing, slum redevelopment, and rental housing. Maharashtra Housing Policy 2025. In a landmark decision set to reshape the urban housing landscape, the Maharashtra government has approved the Maharashtra Housing Policy 2025, aimed at providing housing for all while ensuring sustainable and inclusive urban development. The policy lays out a comprehensive roadmap to tackle the challenges of affordability, slum rehabilitation, rental housing, and planned urban growth across the state. What is the Maharashtra Housing Policy 2025? The Maharashtra Housing Policy 2025 is a state-wide housing blueprint that envisions creating 35 lakh affordable homes by 2030, especially targeting Economically Weaker Sections (EWS) and Low-Income Groups (LIG). It seeks to achieve this through a combination of public-private partnerships, rental housing models, redevelopment of slums and chawls, and innovative ownership schemes like rent-to-own and self-redevelopment. It promotes the 'Majhe Ghar, Majha Adhikar' (My Home, My Right) initiative and aims to make housing more accessible, while reducing the pressure on city infrastructure by encouraging housing near industrial zones, thereby supporting the 'Walk to Work' concept. The policy also includes fast-track approvals for housing projects, land pooling mechanisms, promotion of green construction for climate action, and the creation of a centralised digital housing portal to enhance transparency and streamline processes for developers and homebuyers. 'Policy Sends Message That Housing Is Not A Luxury, It's A Right': Industry Players Real estate leaders have widely welcomed the policy, saying that the policy sends a clear message that housing is not a luxury, it's a right. Anuj Goradia, director at Dosti Realty, called the move remarkable, and said the blueprint addresses both sustainability and affordability. 'The new housing policy will be a progressive step towards affordable housing and will endow a significant boost to the sector by not only creating enormous employment opportunities but also bring in a win-win situation that can further ensure elevated living for the city dwellers across all the income groups," he said. He also highlighted how the policy promotes residential development around industrial zones, further enabling the 'Walk to Work' concept. 'One cannot ignore the inclusivity of this policy that promotes redevelopment of unplanned projects like slums, chawls, vertical slums, etc. We definitely look at this policy as an extremely transformational move for the state and a remarkable approach to housing that is futuristic and will boost investor confidence," he added. Nayan A Shah, chairman and managing director of Mayfair Housing, said the policy reflects a significant shift in recognizing housing as a right. 'The new Maharashtra Housing Policy 2025 is a much-needed shift towards making homeownership a reality for lakhs of families across the state. With its focus on affordable housing, rental stock, and slum rehabilitation, the policy sends a clear message that housing is not a luxury, it's a right." Shah emphasised how the policy can help fast-track development in upcoming regions like Virar. 'With this policy encouraging faster approvals, land pooling, and private participation, we see great potential to accelerate the delivery of quality homes for the aspiring middle class and working families." Jash Panchamia, promoter of Suraksha Smart City, praised the 'Majhe Ghar, Majha Adhikar' initiative and the focus on closing the housing gap. 'It addresses the urgent housing needs of the EWS and LIG housing needs while promoting solutions like self-redevelopment and rent-to-own models that are set to bridge the housing gap while paving the way for sustainable urban growth across the state." He also welcomed the digital and green measures in the policy. 'The integration of new-age technology using green practices for climate action are steps that will ensure responsible and future-ready construction. The proposed centralised digital housing portal will instil transparency and promote ease of doing business thus streamlining the system for developers and homebuyers alike." Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : real estate Location : New Delhi, India, India First Published: May 29, 2025, 13:01 IST News business » real-estate Maharashtra Housing Policy 2025: Rent-To-Own, Walk-To-Work Vision Makes Housing A Right, Say Experts
Hindustan Times
29-05-2025
- Business
- Hindustan Times
Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000
The Maharashtra government has finalised the Housing Policy 2025, introducing significant 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. In addition to the reduced stamp duty, the government will offer property tax concessions for owners of senior living homes. Developers of these projects will also benefit from various tax relaxations and enhanced Floor Space Index (FSI) allowances. This is Maharashtra's first comprehensive housing policy in nearly two decades. Announced last week, it addresses modern housing concepts such as senior citizen housing and student accommodation, aiming to promote inclusive and future-ready urban development. As part of the Maharashtra Housing Policy 2025, the state government plans to redevelop ageing and dilapidated old-age homes and orphanages located on government land. These facilities will be upgraded and integrated with senior citizen housing projects to better accommodate the growing elderly population. According to the policy, Maharashtra's elderly population accounted for around 10% of the total as per the 2011 Census, higher than the national average. This figure is projected to rise significantly, reaching 17% by 2036. The policy also highlights a shift in social structure, noting that joint families are increasingly giving way to nuclear households, creating a greater demand for independent senior living facilities. The government sees this redevelopment as a crucial step toward addressing the evolving housing and care needs of the elderly. Also Read: Maharashtra approves new housing policy after nearly two decades: 5 key highlights According to market sources, leading real estate developers such as Rustomjee Group and Dosti Realty are preparing to launch dedicated senior living housing projects in Maharashtra in the coming months. To promote this segment, the Maharashtra government, under its Unified Development Control and Promotion Regulations (UDCPR), has introduced a separate category for senior citizen housing or retirement homes. These guidelines are part of the recently announced Maharashtra Housing Policy 2025, which aims to foster inclusive and age-friendly urban development. These measures aim to attract private investment into the senior housing sector while ensuring that the needs of elderly residents are met through thoughtful planning and infrastructure. Also Read: Dharavi redevelopment project gets a push as master plan receives Maharashtra government's approval Real estate developers have welcomed the Maharashtra government's new housing policy, particularly the relaxations and incentives for senior and student housing. They see the move as a progressive step toward addressing the evolving housing needs of specific demographic groups while encouraging private sector participation in these emerging segments. 'Addressing the growing demand for elderly-friendly housing is the need of the hour, and the Maharashtra government's new housing policy has a special mention of this. These actions will help the growth of senior living projects by making development more viable and attractive. Our understanding is that these policy reforms will benefit senior living housing projects in Maharashtra and set a benchmark through thoughtfully designed and well-supported developments," said Anuj Goradia, director of Mumbai-based Dosti Realty. Also Read: Rustomjee Group plans to launch senior living and plotted development projects: Boman Irani The apex body of real estate developers, CREDAI-MCHI, has also welcomed the policy.
Time of India
21-05-2025
- Business
- Time of India
Maharashtra State Housing Federation calls for stronger grievance redressal system for self-redevelopment projects
Pune: The Maharashtra State Housing Federation has urged govt to step up awareness of the newly announced supreme grievance redressal committee that will function alongside Maharashtra Real Estate Regulatory Authority ( MahaRERA ) to address homebuyers' concerns in redevelopment projects. Federation members emphasised that a well-defined structure with district-wise redressal mechanisms is essential for the committee, which was announced under the Maharashtra Housing Policy 2025 . "While the committee is a good initiative, there is an urgent need for clarity on its functioning and jurisdiction," a senior member said. "The redevelopment cell launched too needs more district cells for people to understand the process for self-redevelopment." Shreeprasad Parab, expert director of the federation, gave some recommendations for self-redevelopment measures. "State shall develop a GIS-based software to provide approvals within 30 minutes which will be a single window system. There should be a corporation to provide initial funding." He further said govt should immediately direct the departments concerned to issue govt resolutions and an ordinance for providing benefits as enumerated in the self-redevelopment GR released in Sept 2019. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng với sàn môi giới tin cậy IC Markets Đăng ký Undo Parab also called for "directions to all district central cooperative banks to provide funding to self-redevelopment projects " and "reduction in premium rates or waiver of interest in self-redevelopment projects." He stressed the need to "constitute a committee involving members of the federation for dispute redressal during the redevelopment process." On the policy, Parab said its approval "has come after a hiatus of nearly two decades." He explained that the federation has expressed "unequivocal endorsement of the policy and affirmed its institutional readiness to collaborate with state govt in realising its full and effective implementation." The policy centers on self-redevelopment through a state-level self-redevelopment cell with a corpus of Rs2,000 crore earmarked for cooperative-led initiatives. It also introduces digital governance through state housing information portal and mandates tripartite agreement mechanisms for redevelopment projects. "This policy signifies a significant advancement in the constitutional realisation of the right to housing. The federation stands prepared to serve as a statutory conduit between state and people through the cooperative movement," Parab said. Ramesh Prabhu, chairman of Maharashtra Society Welfare Association, offered a different perspective. "Govt should constitute a redevelopment authority for registering, monitoring and reviewing redevelopment projects instead of having a high-powered redressal committee." On the allocation of Rs2,000 crore for self-redevelopment, Prabhu said, "Instead of granting them directly, these funds may be used to give guarantee to the financial institution who grant funds for self-redevelopment." He emphasised implementation timelines, saying, "Now the housing department should implement the policy in the next six months and only then will its publication have a meaning." Industry stakeholders also welcomed the policy. Shantilal Kataria, executive council member and ex-president of CREDAI Maharashtra and CREDAI Pune Metro, said the housing policy has been published after a period of almost two decades following the earlier housing policy of 2007. "Hence its implementation at the earliest is of paramount importance." Kataria highlighted the policy's significance: "Maharashtra leads in urbanisation which enhances the significance of this policy. The creation of state housing information portal will prove extremely valuable in the long run. Affordable rental housing is the need of the hour."
