NAREDCO Maharashtra recently hosted the most awaited and highly anticipated HOMETHON Property Expo 2023 which received an overwhelming response from home buyers. In its second year, it is said to be the largest real estate property exhibition in India. The event was held at the prestigious JIO World Convention Centre in BKC, Mumbai from November 24th to 26th, 2023.
The inaugural day saw the descent of Bollywood’s most beloved star couple Genelia and Riteish Deshmukh, who also happen to be the brand ambassadors to HOME- -THON. Alongside them was State Housing Minister Atul Save who graced the inaugural ceremony of HOMETHON Property Expo 2023. To receive them was Sandeep Runwal, President, NAREDCO Maharashtra- tra along with the entire team of NAREDCO Maharashtra. The HOMETHON Expo 2023 showcased an impressive array of over 500+ top-notch projects crafted by leading developers from Maharashtra. Homebuyers were offered a diverse range of properties spanning various segments, encompassing both affordable and luxury housing options. These properties, including locations across Mumbai and the Mumbai Metropolitan Region (MMR), as well as areas like Thane, Kalyan, Navi Mumbai, Panvel, Raigad, Mira Road, Vasai, Virar, among others, were on display during the event.
The event featured property prices ranging from Rs. 20 lakhs to 15 crores, providing prospective buyers with a plethora of options to fulfill their dream of owning their desired homes. Developers extended various incentives such as exemp- tions from stamp duty and registra- tion charges, no GST, no process- ing fees, immediate benefits, and festive offers. These enticing offers aimed to facilitate the home buying process and made homeownership more accessible and attractive for potential buyers.Sandeep Runwal, President of NAREDCO Maharashtra, expressed his enthusiasm about the event’s growth, stating, “HOMETHON has evolved into an unparalleled plat- form for the real estate industry. We were delighted to have more participants, pavilions, and projects on display this year, making it a one-stop destination for home- buyers and industry professionals alike. As the brand ambassadors to the HOMETHON Property expo, Riteish and Genelia truly represent the profile of our customers. As a couple, they perfectly match the aspirations of our customers and reflect the true culture and persona of Maharashtra.”
Dr. Niranjan Hiranandani, Chairman, NAREDCO, eloquently spoke on the urgent matters within the housing sector during the event, emphasizing NAREDCO's dedication to proposing strategies that enhance the appeal of affordable housing. “Housing in Mumbai needs an im- petus in structural policy skewed towards expediting the slum-free Mumbai movement and making it affordable for homebuyers. NARED- CO will continue to collaborate with all stakeholders to achieve these goals,” he asserted.
Dr. Hiranandani further said that NAREDCO Maharashtra was pleased with the Central Govern- ment's commitment to affordable housing, as seen in the Pradhan Mantri Awas Yojana. “However, the challenges remain, especially in the Mumbai region where there is a cap of Rs 45 Lakh for the housing.”
The Maharashtra Housing Minister, Atul Save, mentioned that the State Government, led by Chief Minister Shri Eknath Shinde and Deputy Chief Ministers Shri Devendra Fad- navis and Shri Ajit Pawar, is prioritizing the facilitation of a substantial housing supply in Mumbai and the State. Their aim is to provide extensive support to the State's real estate sector and attract fresh investments.
He added, “As the Prime Minister Shri Narendra Modi has envisaged under the PM Awaas Yojana to ensure; Housing for All, the State Government believes that every citizen of Maharashtra should get his own house through the MHADA or SRA schemes or otherwise.”
He went on to add that the Government intends to incorporate essential elements into the upcoming new Housing Policy of the State. This initiative aims to encourage in- creased participation of developers in the sector, foster more development and investments, ultimately working towards realizing the goal of housing for all.
“More than 50% of the population in the city still lives in slums and about 20% to 30% of slums are to be redeveloped. We will try to organize a meeting with the stakeholders in the next few days to find solutions to the pending issues,” he added. The Minister further stated that the demand for housing in the State needs to be fulfilled with more real estate development taking place.
He said, “For MHADA’s 4000 homes, over two lakh applications were received. It shows the demand for housing. In future, we expect maximum investment in the housing sector."
Riteish Deshmukh, recognized as a Bollywood icon in the Indian film industry, producer, and entrepreneur, acknowledged the significance of the HOMETHON Property Expo for potential homebuyers. He asserted that anyone considering purchasing a home must visit this expo. He said that customers attending this event will not leave without securing their dream home- it's practically guaranteed.
ASSURING A BETTER FUTURE FOR THE SECTOR
Devendra Fadnavis, Deputy chief minister of Maharashtra said,“After Maharashtra started MahaRERA, the entire real estate industry has been transformed and the faith of small buyers in the industry has increased a lot. The developers following the MahaRERA rules have created a genuine market for the buyers and created a level-playing field. Many players from the corporate and non-corporate world are entering in the sector with ethical values.”
Sighting the demand of the real estate industry, Sandeep Runwal pressed on the needs for reducing the premiums and also the higher interest from MHADA. He further stated, “The real estate industry has seen a good revival in the past two to three years. We need a similar support from the Government.”
Devendra Fadnavis addressed the query raised by Sandeep Runwal on behalf of the State’s real estate industry, regarding MHADA's im- position of a higher interest rate of 18% on developers.
He said, “MHADA charging 18% compound interest is really high and it is absolutely not right to charge so much of interest.” He also in- formed that on his intervention the government has now brought down the interest rate to 12% from the earlier 18%.
Regarding the industry's request for a reduction in premiums, Fadnavis affirmed that the government continuously considers this demand sincerely. However, specifying a timeline for its implementation is challenging, he mentioned. The deputy chief minister assured that any measures required for the im- provement of the real estate sector, especially those beneficial to buyers, will be earnestly considered by the Government without hesitation.
He further stated that “the gov- ernment has been discussing about many demands of the real estate industry. We are a proactive Gov- ernment and maintain a constant dialogue and continue with conver- sations, the decisions happen. With this continuous process, we will be able to take the decision which will be in the best interest of the industry and the people," added Fadnavis.
The event proved highly successful with a significant turnout at NAREDCO’s HOMETHON Property Expo 2023. This event not only ex- ceeded its past achievements but also established new standards for the real estate industry. Serving as India's largest property expo, it stands as evidence of NARED- CO's unwavering commitment to nurturing progress and pioneering innovation within the housing sector.
UNFORTUNATELY, WITH THE READY RECKONER RATE BY THE MAHARASHTRA GOVERNMENT AND THE MARKET RATES WHICH ARE THERE, THE MINIMUM PRICES WORK OUT MORE THAN RS. 45 LAKH. THE AFFORDABLE HOUSING SEGMENT NEEDS TO BE RE-PRICED. HENCE, WE HAVE REQUESTED THE STATE GOVERNMENT AND THE STATE HOUSING MINISTRY SHOULD CONSIDER INCREASING THE CAP - DR NIRANAJAN HIRANANDANI, CHAIRMAN, NAREDCO
THIS PROPERTY EXPO HERALDED THE TRUE SPIRIT OF DIWALI WHICH ILLUMINATED THE LIVES OF OUR CUSTOMERS, SHOWERING THEM WITH ATTRACTIVE OFFERS, DISCOUNTS AND SPOT GIFTS, DURING THE THREE- DAY EVENT - SANDEEP RUNWAL,
PRESIDENT, NAREDCO MAHARASHTRA
AS MUMBAIKARS, OWNING A HOUSE IN THIS CITY HAS ALWAYS BEEN A CHERISHED DREAM. BEING INVOLVED IN AN EVENT THAT MAKES THIS DREAM A REALITY FILLS ME WITH IMMENSE PRIDE. IT’S AN INCREDIBLE OPPORTUNITY FOR PROPERTY BUYERS TO DISCOVER THE HOMES CRAFTED BY SOME OF THE CITY’S TOP DEVELOPERS AT THIS EVENT – RETEISH DESHMUKH, BOLLYWOOD ACTOR, BRAND AMBASSADOR FOR HOMETHON
HIGHLIGHTS OF THE EXPO
Enhancing the appeal of affordable housing
500+ top-notch projects crafted by leading developers
Top properties from Mumbai and MMR displayed
Increased participation of developers in the sector
Foster more development and investments
Working towards the goal of housing for all
State Government assured support for the sector with effective policies in future