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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.
Indian Express
20-05-2025
- Business
- Indian Express
Low-cost houses, slum rehabilitation: Maharashtra approves housing policy with eye on Housing for All by 2030
The Maharashtra government on Tuesday approved its first comprehensive housing policy in nearly two decades under the banner My Home, My Right (Majhe Ghar, Majha Adhikar) with a vision to provide sustainable, secure and inclusive housing to every citizen of the state by 2030. The Cabinet cleared the Housing Policy 2025, which lays out a roadmap for constructing 35 lakh houses by 2030 and 50 lakh more in the following decade. With an estimated investment of Rs 70,000 crore, the policy promises affordable housing, technological innovation, slum rehabilitation, and land reforms across the state. The policy outlines housing support for working women, students, industrial workers, senior citizens, and other vulnerable sections. The policy states that models such as rental housing for 10 years followed by ownership will be implemented for working women and students. A public-private partnership (PPP) will be encouraged under the policy. Special housing schemes will also be launched for journalists, differently-abled persons, artists, freedom fighters, mill and airport workers, among others. Affordable rental housing will be developed near major public hospitals for patients' families in big cities. Speaking after the cabinet meeting, Chief Minister Devendra Fadnavis said, 'Today, we have approved a landmark housing policy for Maharashtra with the core objective of ensuring housing for all. Guided by the inclusive slogan 'My Home, My Right', this is the first full-fledged housing policy since 2007. Though we had prepared drafts in 2015 and again in 2019, they remained unimplemented due to change in government in 2019. Now, we are taking a decisive step.' 'We are creating a bank of government-owned land to ensure homes can be made available at affordable rates,' said Fadnavis. 'This will be done in a transparent and coordinated manner, and it will drastically reduce land acquisition hurdles.' The government-owned plots will be identified and aggregated through inter-departmental coordination between the Revenue Department, MIDC, MSRDC, Water Resources Department and other agencies. Fadnavis said the policy is based on four key principles — affordability, inclusiveness, environmental sustainability, and resilience to natural disasters. 'It envisions using modern construction technology, incentivising green buildings, and adopting climate-resilient practices through the Global Housing Technology support innovation, the government will set up a Construction Technology Research Centre, promoting thermal-resistant materials and energy-efficient infrastructure,'he added. According to the policy, the new State Housing Information Portal (SHIP) will be launched as a central platform for geo-tagging housing stock, monitoring fund flow, and aligning data with MahaRERA, MahaBhulekh, PM Gati Shakti, and the Unified Citizen Data Hub. Artificial intelligence tools will be used for demand forecasting and policy planning. All beneficiaries will be registered on the Maha Awas Portal to ensure transparency in allocation and delivery. The state will promote cluster redevelopment through tripartite agreements between housing societies, developers and authorities. IT-based real-time monitoring tools will be used for transparency and accountability. The government also proposes to leverage CSR funds and central government lands for slum redevelopment. A state-level grievance redressal committee will be constituted to monitor project delays and mediate disputes. The government plans to incentivise affordable rental housing through MHADA, CIDCO and private developers. Provisions have also been made to reserve 10–30% of land in industrial estates exclusively for residential use under the Walk to Work principle. Green building incentives will cover thermal-resistant construction, rooftop gardens, and environment-friendly layouts. Tree plantation and resilient infrastructure will be prioritised in urban planning.
