Mumbai realtors hope the new govt will focus on policies that foster growth

The real estate sector hopes that the new government in Maharashtra will focus on policies that will foster growth and investment in the state such as faster clearances for projects, an impetus to affordable housing, priority to slum rehabilitation and redevelopment projects and work towards a reduced stamp duty structure.
“We look forward to a stable and development-focused governance that prioritizes infrastructure growth, streamlined approvals, and industry-friendly policies. The government has an opportunity to maintain the continuity and sustain the momentum in the real estate sector while addressing ease of doing business, housing affordability, and sustainable urban development,” said Domnic Romell, President, CREDAI-MCHI.
Fast-tracking infrastructure projects, including metro rail networks, expressways, and ports, is essential to boost connectivity and drive economic momentum, said realtors.
Also Read: Maharashtra Election Results 2024: 5 things Mumbai homebuyers look forward to from the new government“Equally important is the planned and sustainable development of new cities in the Atal Setu region, fostering equitable economic opportunities across the state. Mumbai, as the economic powerhouse, must be incentivized to attract global investments in IT, BFSI, manufacturing, industrial, and warehousing sectors, strengthening its position as a global hub for commerce and innovation, ” said Niranjan Hiranandani, chairman, NAREDCO.
The real estate sector in Maharashtra looks forward to proactive governance that fosters growth and investment. “Our key expectations from the new government include faster clearances for real estate projects, an improved ease of doing business environment, and policies that promote affordable housing. A collaborative approach between the government and industry stakeholders can not only streamline development processes but also ensure that the state remains a leader in infrastructure and housing innovation,” said Prashant Sharma, president, NAREDCO Maharashtra.
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“Streamlined regulatory processes to expedite project approvals will accelerate the construction cycle, creating benefits for both developers and homebuyers. Prioritizing infrastructure development in connectivity and utilities is vital for unlocking the potential of emerging real estate markets. Additionally, fiscal incentives such as reduced stamp duty and tax benefits could play a pivotal role in revitalizing buyer sentiment,” said Anil Mutha, co-founder, Nandivardhan Group.
The new government must prioritize urban regeneration, particularly slum rehabilitation and redevelopment projects along with city/town beautification projects which are crucial for a city like Mumbai. “Fostering an investment-friendly ecosystem through regulatory consistency and infrastructure upgrades will drive the growth of the sector and enhance Maharashtra’s real estate appeal,” said Vedanshu Kedia, director, Prescon Group.
Addressing bottlenecks in approvals and introducing incentives for redevelopment will not only rejuvenate aging infrastructure but also create much-needed housing, said Govind Krishnan Muthukumar, managing director and co-founder, Tridhaatu Realty.
Others said that fiscal incentives such as reduced stamp duty and tax benefits can play an important role in improving buyers’ sentiment.
“Reducing the tax burden, including stamp duty and GST, and ensuring smoother project execution can unlock the potential of the real estate sector, making Maharashtra a global investment hub,” said Rohan Khatau, director, CCI Projects.