1.5 million Affordable Homes in The Making: Maharashtra Minister

New Delhi, June 25, 2018: Housing Minister Prakash Mehta recently spoke about the Maharashtra government’s plans to construct at least1 million affordable homes in Mumbai, and another half million across Maharashtra. The plans also include improvement of infrastructure in MMR and other cities with the inclusion of private infrastructure players.

The discourse took place at the Confederation of Indian Industries conference on the topic ‘The Future of Investments in India’s Real Estate Sector’.

Addressing Prime Minister Narendra Modi’s vision of ‘Housing for All’ by 2020, the news has raised the hopes for many real estate players. Various stakeholders, including Mangal Prabhat Lodha, Neel Raheja, Adi Godrej, etc., believe this project to be a major milestone in the development of Mumbai.

Pravin Darade (Additional Metropolitan Commissioner, MMRDA), mentioned that Mumbai needs to pace up with the growth that is happening all around in the city. He highlighted that the metropolitan has witnessed exponential growth in the past few decades and infrastructure needs to keep up with it.

“Projects such as Navi Mumbai International Airport, Mumbai Trans Harbour Link, Metro Railand others will make connectivity more effective and efficient from end-to-end,” Darade said.

Sanjay Sethi, CEO of Maharashtra Industrial Development Corporation, said that these projects aim at giving anew outlook to the city’s infrastructure, and transform it into an ideal hub for businesses to prosper.

“We want to enterprise Maharashtra as a doorway for industrial development in India and concoct a roadmap to making the state a trillion-dollar economy by 2025. Rapidly-growing cities will present a broader range of risk-and-return opportunities, so collaborating with government will become more important,” Sethi said.

Neel Raheja said the principalaccomplishment of the government was the enactment of the Mumbai’s new development plan by the BrihanMumbai Municipal Corporation.He is the Group President of K Raheja Corp and also the Co-Chair of the CII National Committee on Real Estate and Housing.

“This will help realize Modi’s vision of a connected and transformed India, where every Indian will have a roof over his head. The policy reforms in the sector have been a move in the right direction in boosting investor sentiment,” Neel Raheja said.

PK Gupta, MD, SBI (Retail and Digital Banking) spoke about the glitches that occur when it comes to financing housing projects in India. He also mentioned that sufficient funding has always been a challenge for the real estate sector.

“Another problem is how to successfully market projects in the current environment while conducting business morally. For the real estate sector, understanding the present challenges and opportunities ahead is important for them to completely transform and move ahead,” Gupta said.

More than 200 delegates were a part of the conference. The attendees were representing numerous stakeholders,such asengineers, banking, finance, real estate developers, and architects.

 Corporate Comm India(CCI Newswire)