Housing Policy For Maharashtra Receives Cabinet Approval

Apart from food and clothing, shelter remains one of life’s essentials and there’s some good news for those who have been wanting to convert their dream of owning a house into reality. The Maharashtra Cabinet recently approved a new housing policy for the state, titled ‘Majhe Ghar – Majhe Adhikar’ (My Home – My Rights).

Visionary move

Dr Niranjan Hiranandani, Chairman, NAREDCO, explained the significance of this announcement. "The newly unveiled state housing policy is a visionary move that aligns with Maharashtra’s aspirations to cement its position as India’s economic powerhouse. This comprehensive plan, with strategic emphasis on rental housing for working women, students, and industrial workers, is a transformative step toward addressing the urgent need for affordable urban housing. Initiatives such as the walk-to-work model near employment hubs, supported by robust multi-modal infrastructure and last-mile connectivity, will catalyse industrial and commercial real estate, paving the way for an integrated urban development model. Over time, this will generate tremendous demand for residential real estate, including townships and cluster developments.”

Future-ready framework

According to him, the introduction of self-redevelopment cells, a dedicated Rs. 2,000 crore funding for redevelopment projects, and streamlined compliances will unlock redevelopment opportunities in land-constrained cities and resolve stalled projects. Furthermore, CSR utilization and the Rs. 20,000 crore MahaWas Niwas Nidhi fund signify a commitment to creating slum-free cities, ensuring social housing projects, and better living standards for citizens. Collaborative support from reputed knowledge partners like IITs, IIMs, and urban research institutes reinforces a sustainable, tech-enabled, and future-ready development framework.

Fostering transparency

“With provisions such as IT-based monitoring, incentive FSI for rehab areas, and enhanced legal safeguards, the policy fosters transparency, aims to accelerate project timelines, and boosts investor confidence. Inclusivity, affordability, and resilience form the cornerstone of the policy, essential for driving Maharashtra's real estate index upward and ensuring long-term economic growth. For the real estate industry, this landmark policy presents an immense opportunity to reform urban landscapes while transforming business models to meet rising housing demand. This is not just a step forward—it’s a leap toward building a globally competitive real estate ecosystem that serves all stakeholders,” the NAREDCO Chairman added.

Inclusive development

Prashant Sharma, President, NAREDCO Maharashtra, opined, “The 'Majhe Ghar – Majhe Adhikar' policy is a commendable step in realising the vision of Housing for All in Maharashtra. With a robust investment plan of Rs. 70,000 crore and a clear target of constructing 3.5 million homes over the next five years, the government is prioritising inclusive urban development. The focus on slum rehabilitation, redevelopment, and the creation of a MahaAwas Fund will be instrumental in addressing the housing shortage and improving the urban landscape. We believe this progressive policy will provide a significant boost to real estate, create large-scale employment, and ensure dignified living for citizens across income groups.”

Resilient growth

Manish Jain, President, CREDAI-Pune Metro, stated, “This lays a strong foundation for inclusive, affordable, and resilient urban growth across Maharashtra. With a focused commitment to build 35 lakh homes for EWS and LIG communities by 2030, and provisions for women, students, senior citizens and industrial workers, the policy is a timely and progressive step towards housing for all. This will also boost employment and economy while helping lakhs of citizens with the basic need of their own home. CREDAI-Pune Metro wholeheartedly supports this initiative and stands ready to collaborate with the government to ensure its successful implementation. Together, we can make dignified housing a reality for every citizen.”

With this strong foundation in place, the scope for providing more homes at reasonable rates has definitely increased. Taking the required steps to expedite the implementation of this policy will be crucial to ensure its success and resolving the challenges being faced so far.