With the formation of a new government in Maharashtra, the real estate sector is abuzz with hopes for transformative policies that will unlock the state’s vast potential. Industry leaders are having high expectations from the government underlining the sector's pivotal role in driving the state's economic and social progress.
Highlighting Mumbai’s pivotal role as a commercial hub, NAREDCO Maharashtra President Prashant Sharma said: "The real estate sector in Maharashtra looks forward to proactive governance that fosters growth and investment. Our key expectations from the new government include faster clearances for real estate projects, an improved ease of doing business environment, and policies that promote affordable housing. A collaborative approach between the government and industry stakeholders can not only streamline development processes but also ensure that the state remains a leader in infrastructure and housing innovation."
According to the Guardians Real Estate Advisory, the Mumbai Metropolitan Region (MMR) and Pune registered festive sales turnover of INR 1019 crore. It also reported that 638 apartments were sold during this time of the year totaling more than 4.23 lakh square feet of carpet space. This indicates an increasing demand as buyers seek properties.
Additionally, other industry leaders shared their vision for the sector’s future under the new government.
Govind Krishnan Muthukumar, Managing Director & Co-Founder, Tridhaatu Realty said: "The new government must prioritize policy frameworks that streamline key initiatives, particularly in urban centers like Mumbai. Addressing bottlenecks in approvals and introducing incentives for redevelopment will not only rejuvenate aging infrastructure but also create much-needed housing. Additionally, the government’s focus should be on fostering public-private partnerships that ensure timely execution of urban regeneration projects while maintaining sustainability at the core."
Vikas Sutaria, Founder, Iraah Lifespaces shared: "Maharashtra's real estate sector requires a forward-thinking government that recognizes the potential of luxury and second-home markets. By focusing on infrastructure connectivity, especially in emerging regions like Alibaug & Lonavala, and introducing tax incentives for investments in premium projects, the state can attract high-net-worth individuals and investors. Streamlining policies for sustainable and luxury developments will create a more robust real estate ecosystem."
Samyak Jain - Director, Siddha Group stated: "The real estate sector in Maharashtra anticipates a new government that prioritizes sustainable growth through faster project approvals, streamlined RERA compliances, and enhanced connectivity to boost infrastructure development. Additionally, incentivizing affordable housing, reducing development costs, and ensuring a transparent regulatory environment will position Maharashtra as a leader in creating holistic urban spaces and driving future growth."
Vedanshu Kedia - Director, Prescon Group reiterated: "The new government must prioritize urban regeneration, particularly slum rehabilitation and redevelopment projects along with city/ town beautification projects which are crucial for a city like Mumbai. Additionally, fostering an investment-friendly ecosystem through regulatory consistency and infrastructure upgrades will drive the growth of the sector and enhance Maharashtra’s real estate appeal."
Rohan Khatau - Director, CCI Projects noted: "Our primary expectation from the new government is to create a policy framework that simplifies regulatory processes and fosters confidence among developers and homebuyers alike. Reducing the tax burden, including stamp duty and GST, and ensuring smoother project execution can unlock the potential of the real estate sector, making Maharashtra a global investment hub."
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