The Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis, cleared the state's housing policy aimed at providing affordable housing based on the objective of 'My house- My rights.
The government expects an investment of Rs 70,000 crore during the implementation of the ambitious housing policy in five years. It proposes to carry out a comprehensive programme for slum rehabilitation and redevelopment.
The specific needs of low-income earners, senior citizens, women, industrial workers and students will be given priority consideration in the policy, said the Maharashtra government in a statement.
The government proposes to construct 35 lakh houses in five years. The district land banks of the government and semi-government will be created.
The introduction of self-redevelopment cells, a dedicated 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 ?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.
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.
The state-level portal will soon be developed for providing information on housing development through government-private sector partnership, developers and state-run undertakings.
Dr Niranjan Hiranandani - Chairman- NAREDCO & Hiranandani Group welcomes the newly unveiled State Housing Policy as 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 catalyze 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. 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."
