Dr. Niranjan Hiranandani, Vice Chairman, NAREDCO and MD, Hiranandani Group expressed his views on Brihanmumbai Municipal Corporation Budget, “The MCGM Commissioner in his budget presentation has formalised what was announced by the Hon’ble CM. It augars well for affordable housing and will be a positive move for the common man living in homes sized 500 sq ft or less in Mumbai. It will provide a fillip to new homes construction in the segment.
Looking forward to a scenario where this can be extended to other cities in the state, as also positively considering the suggestion being made by consumer forums, about extending this to homes sized 750 sq ft.”
Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers said, “At a time when the Union Budget 2022-23 has not announced specific demand-side incentives, the Maharashtra government’s announcement on the property tax waiver in the affordable housing segment infuses a fresh lease of life for end users and prospective homebuyers. A booster to buoy the market sentiment, the likely revenue loss should be offset by incremental sales volumes in the affordable segment"
Rohit Poddar, Managing Director, Poddar Housing and Development Ltd on BMC Budget commented on the increased spending in the budget, “It is good that the BMC has increased its spending with the allocation of Rs. 22,647 crore for capital expenditure that is to be spent on the city’s infrastructure like roads, stormwater drains, and water projects in order to provide higher levels of both ‘Quality of Living’ and ‘Ease of Living’.
Spending on various infrastructure projects will help the city’s quality of life in the long term. Waiving off property tax helped to rebound the real estate sector at large with the mid to upper-end segments purchasing flats in unprecedented numbers.
With the asset allocation that the BMC has already received, it aims to boost the stressed real estate sector till January 2022. Hence it is proof that the policy for helping the real estate sector has percolated down in the sector that would result in the actual execution of real estate projects by increasing the supply of housing stock as well as employment in the sector.”
