Views on the upcoming union budget 2024 – 25 by Mr. Domnic Romell, President, CREDAI-MCHI, the apex body of the real estate industry of Mumbai Metropolitan Region (MMR) –

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    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.

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