 "Maharashtra election results: What Mumbai homebuyers expect from new govt")
As Maharashtra awaits the results of the Assembly elections 2024, Mumbai’s homebuyers are looking forward to policies that address pressing concerns in the country’s costliest real estate market. From middle-income housing to stalled project revivals, expectations are high for transformative changes from the new government.
Mumbai remains India’s most expensive real estate market, with residential property prices starting at Rs 20,000 per square foot and exceeding Rs 1.5 lakh per square foot in premium areas. Despite the high costs, home sizes in the city can be as small as 200 square feet, making affordability a persistent challenge, reported The Hindustan Times (HT). Maharashtra Election Results LIVE
Key demands from Mumbai’s homebuyers
Reduction in stamp duty and rationalisation of GST
Taxes levied on property purchases, including stamp duty, registration fees, and Goods and Services Tax (GST) on under-construction projects, are a major concern for homebuyers.
“There is scope for reducing stamp duty from 6 per cent to 3 per cent, which can significantly lower costs. Also, GST on under-construction apartments should be reconsidered,” said Owais Mirza, a South Mumbai resident, to HT.
Stamp duty in Maharashtra ranges between 5 per cent and 7 per cent, while registration charges are 1 per cent of the property value, capped at Rs 30,000 for properties above Rs 30 lakh. A reduction in these levies could provide much-needed relief to buyers.
Expansion of MHADA housing projects
Affordable housing remains a distant dream for many. The Maharashtra Housing and Area Development Authority (MHADA), which oversees affordable housing and implements the Pradhan Mantri Aawas Yojana (PMAY) in the state, has fallen short of meeting demand.
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“Over two lakh applications were received for MHADA’s housing draws in the past two years, but only 6,000 homes were offered. This is disappointing for those with budgets of Rs 30 lakh to Rs 50 lakh,” said Vishnu Parab, a Central Mumbai resident.
MHADA plans to create 50,000 affordable homes in Mumbai over the next five years, but stakeholders urge quicker execution and increased housing stock to address the growing demand.
Improvement in infrastructure
Mumbai’s infrastructure, including roads, traffic management, and water drainage, remains a concern, especially during monsoons. Many feel the city’s infrastructure does not justify its exorbitant real estate prices.
Zeeshan Shaikh, a Pune resident working in Mumbai’s Bandra Kurla Complex, shared, “The worsening traffic and road conditions make living in Mumbai challenging. Cities like Pune offer a better quality of life and lower living costs.”
Faster resolutions by MahaRera
Delays in resolving complaints filed with the Maharashtra Real Estate Regulatory Authority (MahaRera) have added to homebuyers’ woes. Cases filed in 2021 and 2022 are only now reaching resolution in 2024, highlighting the need for quicker processing.
“MahaRera should appoint more members to expedite hearings and avoid delays. Appointments must be timely to ensure continuity,” said Mumbai-based advocate Trupti Daphtary to HT.
Revival of stalled projects and redevelopment
Mumbai is grappling with stalled construction projects and delayed redevelopment of old buildings. According to PropEquity, Mumbai has 234 stalled projects comprising 37,883 units, making it the city with the highest number of delayed projects in India.
“Over 10,000 old buildings in Mumbai urgently need redevelopment. The new government must implement measures to revive these projects and ensure timely execution,” urged homebuyers.
The road ahead for real estate in Mumbai
Homebuyers in Mumbai are counting on the next Maharashtra government to address their concerns and make meaningful reforms. From tax reductions and affordable housing to improved infrastructure and faster complaint resolutions, these steps could transform Mumbai’s real estate landscape.
As election results are announced, all eyes are on the government’s plans to tackle these pressing issues and turn hopes into reality.