By Sidhant Shekhar Jha
In a significant push towards resolving Mumbai’s housing crisis, the Maharashtra Housing and Area Development Authority (MHADA) announced its ambitious target of constructing 30 lakh affordable homes across the Mumbai Metropolitan Region (MMR) by 2030. This initiative forms a key part of the Prime Minister-supervised Growth Hub plan, aimed at transforming MMR into a thriving, sustainable urban hub.
The announcement was made at the “Redevelopment Conference and Investors Meet” held at the MIG Cricket Club, where MHADA leadership outlined sweeping policy suggestions to boost redevelopment, affordable housing, and investor confidence. The event saw participation from key industry stalwarts including Niranjan Hiranandani, Sanjeev Jaiswal, Rajan Bandelkar, Boman Rustom Irani, Domnic Romell, among others.
Speaking at the event, IAS Sanjeev Jaiswal, MD & CEO of MHADA, said, “Our vision is to align the MMR Growth Hub Plan with the broader goals of affordable housing, aiming to deliver 30 lakh houses by 2030. This target is part of the NITI Aayog-supervised initiative, closely monitored by the Hon’ble Prime Minister himself.”
To achieve this vision, Jaiswal detailed a series of policy recommendations proposed after consultations with industry bodies like MCHI, NAREDCO, and BAI. Key suggestions include excluding rehabilitation areas from premium calculations under Regulation 33.5, slashing commercial area premiums from 100% to between 10% and 50%, extending free fungible FSI to Middle Income Group (MIG) projects, and offering instalment facilities for premium payments. Further proposals include lowering interest rates on reducing balance loans to 12%, reducing open space deficiency premiums, and securing GST relief on rehabilitation components.
Prominent developer Niranjan Hiranandani emphasised the critical need for synchronising infrastructure upgrades with the redevelopment boom. Citing the transformation of Ghorbundar Road — from a four-lane to a fourteen-lane corridor adorned with flyovers — he stressed, “If metro and infrastructure projects do not keep pace with redevelopment, backlash from activists and public unrest is inevitable.” Hiranandani also warned that soaring housing taxes are driving affordability out of reach for many Mumbaikars, noting that almost 50% of a home’s price now goes towards taxes, compared to rampant black money transactions 45 years ago.
Industry veteran and NAREDCO President Rajan Bandelkar echoed optimism, recalling how past leadership’s responsiveness catalysed regulatory changes. He said, “We are extremely fortunate today to have very positive and visionary leadership. If we don’t make the most of this opportunity, honestly, there would be no bigger fools than us.” Bandelkar recounted how a mere 15-day turnaround on interest rate policies during a past NAREDCO exhibition demonstrated the transformative power of committed governance.
The event highlighted a critical message: with robust policy reforms, swift infrastructure development, and strong political will, MMR could soon witness an unprecedented surge in affordable, quality housing — but the clock is ticking.
