Mumbai…June 25, 2024…
Mr. Domnic Romell, President of CREDAI-MCHI, the apex body of the real estate industry
of Mumbai Metropolitan Region (MMR) –
“CREDAI-MCHI congratulates the government on its third term and anticipates more
financial measures to strengthen the economy under the current administration.
Mumbai, as a vital economic engine, must focus on comprehensive city development,
including infrastructure improvements and future growth planning. The BMC's high
premiums significantly impact housing prices and project viability, affecting affordability.
Rationalizing these premiums can alleviate some of the cost burdens on consumers.
Given that over 50% of real estate projects in Mumbai are redevelopment projects, the
government should consider levying no GST on redevelopment projects. This step would
ensure safer, better, and more affordable housing for the citizens of Mumbai.
To address the validated demand for 11.2 million houses, redefining affordable housing for
metro cities like Mumbai is critical. A uniform affordable housing criterion for both metro
and non-metro cities, without a price cap, should be established, with all houses of 60 sq m
declared as affordable housing. Additionally, increasing tax exemptions on home loans and
making the interest component on home loans tax-free under the relevant sections of the IT
Act are crucial steps to make housing more accessible.
Furthermore, a 50 basis points reduction by the RBI would significantly ease the financial
burden on taxpayers. These measures will ensure inclusive development, help Mumbai
maintain its economic leadership, and address the housing needs of an urban population
projected to reach 590 million by 2030.
We hope that the government formulates financial policies in a democratic manner,
ensuring that the diverse needs of all stakeholders are addressed.”
ABOUT CREDAI-MCHI
CREDAI-MCHI is an apex body comprising members from the Real Estate Industry in the
Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800+
leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region,
establishing units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad,
Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and most
recently in Alibag, Karjat-Khalapur-Khopoli, and Pen. Being the only Government-recognized
body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the
industry’s organization and progress.
As a part of CREDAI National, an apex body of 13000 developers across the nation, CREDAI-
MCHI has emerged as a preferred platform for regional discussions on housing and habitat
by establishing close and strong ties with the government. It is committed to breaking
barriers to create a strong, organized, and progressive real estate sector in the MMR.The
vision of CREDAI-MCHI is to empower the Real Estate fraternity of the Mumbai Metropolitan
Region as it preserves, protects, and advances the right to housing for all. To continue being
a trusted ally, guiding their members, supporting the Government on policy advocacy, and
assisting those they serve through the ever-evolving real estate fraternity.