NAREDCO Maharashtra’s Knowledge session – ‘All about Policy’ illuminates Mumbai real estate policy updates

NAREDCO Maharashtra’s Knowledge session – ‘All about Policy’ illuminates Mumbai real estate policy updates


Mumbai, 30th April 2024: The National Real Estate Development Council (NAREDCO) Maharashtra in association with Practicing Engineers, Architects and Town Planners Association (PEATA) hosted a pivotal Knowledge Session ‘All About Policy’ which brought together distinguished experts from the real estate sector to discuss critical policy implications and their impacts on the Mumbai real estate market.

Mr. Prashant Sharma, President of NAREDCO Maharashtra, inaugurated the session with a warm welcome to all attendees, emphasizing the significance of such knowledge exchanges in understanding the intricacies of real estate regulations. “These sessions are crucial for all stakeholders to gain clarity on the rules governing our sector,” Sharma stated.

Mr. Manoj Dubal, President of PEATA, opened the discussions with a detailed examination of Sections 33(11), 33(20)B, and a comparative analysis of regulation 33. His insights covered essential topics such as permissible Floor Space Index (FSI) on plot developments, transit camp tenements for Slum Rehabilitation Authority (SRA), clubbing of schemes in case of unconsumed sale component of additional FSI, development of affordable housing, rehabilitation & resettlement on private plot or plot of authority other than government authority.

The highlight of the event was a panel discussion titled “Navigating the Future: Policy Priorities for the Real Estate Sector,” featuring industry stalwarts like Mr. Niranjan Hiranandani, Mr. Rajan Bandelkar, Mr. Kamlesh Thakur, Mr. Manoj Dubal and Mr. Manoj Daisaria, with moderation by Aarti Harbhajanka.

Panelists debated the need for government support in light of substantial profits earned from the realty sector. Dr. Niranjan Hiranandani, Chairman Emeritus, NAREDCO Maharashtra said “The real estate sector is the most taxed industry, and unless we ask the government to fulfill our industry demands; they will not be met. The government is earning substantial profits from the realty sector and therefore we expect them to support us as well. There was a time when people said that the now defunct Urban Land Ceiling (ULC) would never get scrapped, but it did get scrapped after we followed up for its removal.”

“There is a huge parcel of vacant land in Mumbai which is unutilized. We need to awaken the government and tell them that if you want affordable housing then open these land parcels and reduce the cost of development to fulfill the government’s obligation to provide affordable housing to all,” added Mr. Hiranandani.

Mr. Rajan Bandelkar, Vice Chairman, NAREDCO stressed on the need for the industry to stay within its limits. “In the past we have seen a section of the industry going far beyond and have not delivered on its promises to customers. This is the reason why the government has brought in the Real Estate Regulatory Authority (RERA) bill, in its bid to control the sector, bring more transparency and safeguard home buyer interest. It’s imperative that our industry adheres to its commitments to ensure trust and sustained growth.”

“The successful implementation of the Pradhan Mantri Awas Yojana (PMAY-U) has helped the needy and poorer sections of society; we would request the government to undertake in the same way similar schemes for other sections of society as well,” Bandelkar added.

Conversations also touched upon the need for innovative urban planning. Mr. Kamlesh Thakur, Vice President, NAREDCO Maharashtra opined that we need to create smart cities as there will be a reverse migration of Indians from abroad; will our cities survive till then is the question we need to ask ourselves. In addition, the government should encourage greenfield developments instead of brownfield developments, which we are presently doing.

Architects Karan Daisaria & Devansh Daisaria, Design Principal, Daisaria Associates gave an insightful presentation on the elevation features of new developments. They spoke on the challenges faced by architects in the planning and designing of buildings given the strict norms and guidelines laid down by the competent authorities. Having studied and worked abroad with international brands, they have tried to merge these features into the Indian construction framework.

The session concluded with a collective affirmation on the necessity of regular policy discussions to foster a more transparent and robust real estate market in Mumbai.