October 3, 2025: Mumbai’s property market, often regarded as the benchmark for India’s housing sector, is undergoing a significant transformation driven by policy interventions, regulatory oversight and infrastructure upgrades. Beyond the traditional forces of supply and demand, recent measures by the state government, regulatory authorities and the Supreme Court are reshaping redevelopment and stalled projects, making housing more accessible and secure for buyers.
A major milestone came in May 2025 when the state government approved the Maharashtra Housing Policy. The policy introduces a regulatory framework akin to RERA but tailored for redevelopment projects, which are often more complex than greenfield developments. It mandates timely completion, ensures accountability, and strengthens legal protection for residents and homebuyers. The policy also promotes ‘cluster redevelopment’, encouraging the amalgamation of smaller plots to deliver open spaces, modern amenities, better roads and improved facilities while keeping communities intact.
In parallel, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has reinforced consumer protection. It has ruled that builders must operate transparently, refund policies must be clearly stated in contracts, and developers will be held accountable for delays or violations. These measures are expected to restore buyer confidence while strengthening demand and supply.
Adding further clarity, the Supreme Court recently ruled that the State Environment Impact Assessment Authority (SEIAA) and the State Expert Appraisal Committee (SEAC) alone are empowered to grant environmental clearance for projects. This decision has unlocked approvals for nearly 493 delayed developments in Mumbai and Pune, covering more than 70,000 homes.
Alongside these regulatory advances, major infrastructure projects such as the Mumbai Metro, coastal road and highway upgrades are enhancing connectivity. Together, these reforms are directly improving quality of life by offering legally secure, environmentally cleared homes in well-connected locations.
Industry analysts believe these combined efforts mark the start of a new growth phase for Mumbai’s housing market.
Source: Loksatta
