Mumbai: CREDAI-MCHI, the apex body representing real estate developers in the Mumbal Metropolitan Region (MMR), has announced the appointment of Sukhraj Nahar, Chairman of Nahar Group, as its 18th President for the 2025-2027 term in a Change of Guard ceremony held at Jio World Centre on Thursday August 14th. The event was attended by Chief Minister of Maharashtra, Devendra Fadnavis.
Nahar succeeds Domnic Romell who has served the association over the past two years.
CM Fadnavis said that generational projects cannot be done. Meaning projects cannot go on and on for years. He said, “ What all support is needed we (govt) are ready to extend. To make Mumbai slum free, new technology should be adopted and place for such mechanism government will be provided.”
CM also empathised on new upcoming infrastructure projects which will upgrade the city landscape and decongest the city especially parallel road is being constructed to Western Express Highway which will take away 60% traffic load. Atal Setu has opened opportunity in Mumbai 3.0, CM added.
Speaking on his vision for 2025 - 2027, Sukhraj Nahar, President of CREDAI-MCHI stated," Our sector has always built Mumbai's skyline. Now, we must also build its soul. Mission CARES is our declaration to the government, home buyers, and our own conscience-that we will develop with empathy, digitise with purpose, green our cities with urgency, and ensure every home is accessible and dignified. This is a pivotal moment to move beyond rhetoric and deliver real, measurable impact." While he also urged CM to remove obstacles in the real estate sector and form a dedicated committee so the roadblocks can be overcome and affordable homes can be built.
Domnic Romell, Immediate Past President, CREDAI-MCHI extended his full support to the new leadership. While Dhaval Ajmera, Outgoing Secretary, CREDAI-MCHI, stated, "We have always been builders; now we choose to be healers too. Mission CARES is not just a vision it is a call to action for governments, civil society, and every stakeholder in the urban ecosystem to create a future where development is measured by the dignity, equity, and sustainability it brings.”
Mumbai's developers currently pay an average of ₹54,221 per square meter as approval costs, among the highest in the country. Premiums, duties, and levies often constitute 35- 40% of the total project cost, placing a significant financial burden on homebuyers and delaying project timelines.
"Compliance costs are one of the biggest roadblocks to affordable housing," noted Keval Valambhia, Chief Operating Officer, CREDAI-MCHI.
