The Maharashtra State Government is set to introduce a new Housing Policy to boost the real estate sector and fulfill the vision of ‘Housing for All’, as announced by the State Housing Minister Shri Atul Save. The new policy will bring necessary reforms to ensure that every citizen in the state has access to affordable housing, whether through MHADA, SRA developments, or private projects.
Speaking at the inauguration of the second edition of ‘Homethon 2023’, Maharashtra’s largest housing expo, organized by NAREDCO Maharashtra at the Jio Convention Centre in Mumbai, Shri Save highlighted the government’s commitment to increasing housing availability, easing investment policies, and resolving longstanding issues in the sector.
Key Highlights of the Upcoming Housing Policy
1. Affordable Housing
The government aims to ensure that every citizen owns a house under MHADA, SRA, or other housing schemes. As per Shri Save, this is aligned with the Pradhan Mantri Awaas Yojana (PMAY) and the vision of Prime Minister Shri Narendra Modi.
2. Boosting Real Estate Investments
To encourage new real estate developments, the government plans to introduce investor-friendly reforms. These will attract private developers to participate in affordable housing projects, ensuring an increased supply of homes across Maharashtra.
3. Redevelopment of Slums and SRA Projects
More than 50% of Mumbai’s population still resides in slums, and 20-30% of these slums require redevelopment. The government will prioritize Slum Rehabilitation Authority (SRA) projects, providing incentives for builders and developers to take up slum redevelopment.
4. Resolving Housing Sector Issues
Many pending issues in the housing sector will be addressed in the new policy. 80% of the policy draft is already completed, and the government will consider stakeholder suggestions before finalizing it.
5. One-Window Clearance System
To improve the ease of doing business in the real estate sector, the government will introduce a one-window clearance system. This reform aims to reduce project approval timelines, minimize bureaucratic delays, and help developers complete projects faster.
6. Large-Scale Housing Demand in Maharashtra
There is a huge demand for housing in the state, as demonstrated by the recent MHADA lottery, which received over two lakh applications for just 4,000 homes. To bridge this gap, the government is encouraging private participation in affordable housing.
7. Focus on Low-Income Group (LIG) Housing
The government’s initiative to build 10 lakh houses for Low-Income Group (LIG) individuals in the Other Backward Classes (OBC) category is progressing successfully, with full state support.
Government’s Collaboration with Banks for Housing Finance
At the event, the Housing Minister inaugurated the State Bank of India (SBI) pavilion and launched ICICI Bank’s ‘Welcome to Neighborhood’ concept, which aims to provide easy housing loans and financing options for homebuyers.
Encouragement to Developers for SRA & MHADA Redevelopment
The government is calling upon private developers to actively participate in redeveloping SRA and MHADA projects, along with contributing to the second phase of PMAY. This will increase the availability of homes for economically weaker sections and middle-class buyers.
Conclusion
Maharashtra’s upcoming Housing Policy will play a crucial role in making affordable housing a reality by facilitating real estate growth, slum redevelopment, and investment-friendly regulations. The government’s focus on ease-of-doing-business, single-window clearances, and large-scale housing projects will benefit both homebuyers and developers, ultimately fulfilling the vision of ‘Housing for All’ in Maharashtra.
