In a landmark move to address Maharashtra’s housing crisis, the Maharashtra Cabinet, led by Chief Minister Devendra Fadnavis, has approved the much-awaited state housing policy titled ‘Majhe Ghar – Majhe Adhikar’ (My Home – My Rights). With a staggering investment of ₹70,000 crore, the policy aims to construct 35 lakh homes for Economically Weaker Sections (EWS) and Lower Income Groups (LIG) over the next five years. This initiative, hailed as one of the state’s most ambitious housing projects, is set to reshape the real estate landscape in Maharashtra. Developers, real estate experts, and stakeholders from across the sector have expressed their views on the policy’s potential impact, with many applauding its focus on inclusive, affordable housing.
Key Reactions from Industry Experts and Developers
A Vision for Inclusive Growth: Manish Jain of CREDAI Pune-Metro
Manish Jain, President of CREDAI Pune-Metro, expressed his enthusiasm about the approval of the policy, calling it a “visionary move”. He emphasized that the policy focuses on building homes for EWS and LIG communities, which aligns with the state’s goal of inclusive, affordable, and resilient urban growth. Jain also highlighted the importance of the policy in creating employment opportunities and bolstering the state’s economy. He further emphasized the initiative’s potential to meet the basic housing needs of lakhs of citizens, saying, “Together, we can make dignified housing a reality for every citizen.”
Long-Awaited Reforms: Shantilal Kataria on the Policy’s Importance
Shantilal Kataria, Executive Council Member and former President of CREDAI Maharashtra & CREDAI Pune Metro, underscored the significance of this policy, noting that it comes after nearly two decades since the last housing policy of 2007. He stressed the importance of implementing the policy quickly and noted that this framework will guide future notifications and circulars aimed at boosting the housing sector. Kataria also emphasized the need for affordable rental housing, a crucial component of the policy that will benefit the general public.
A Transformative Move: Dinesh Agrawal of BramhaCorp Ltd
Dinesh Agrawal, Co-Chairman of BramhaCorp Ltd, lauded the policy as a transformative step toward inclusive urban development. He noted the ₹70,000 crore investment and the ambitious target of building 35 lakh homes, which he believes will contribute significantly to economic growth and infrastructure development. Agrawal also highlighted the potential for public-private partnerships, stating that this policy opens up new opportunities for real estate developers to actively contribute to Maharashtra’s housing goals.
The Heart of the Business: Sushilkumar Deshmukh of Maharashtra Housing Corporation
Sushilkumar Deshmukh, Director at Maharashtra Housing Corporation, emphasized the social and economic necessity of the ‘My Home, My Rights’ concept. He argued that the idea of everyone having access to their own home is central to their business as real estate developers. Deshmukh reinforced that developers don’t just build structures, but create dreams and secure futures for citizens.
A Bold Move for Growth: Aakash Agarwal of Krisala Developers
Aakash Agarwal, Managing Director of Krisala Developers, called the policy a bold and progressive move by the Maharashtra Government. He pointed out that the ₹70,000 crore commitment for 35 lakh homes is not just a housing initiative—it’s a socio-economic catalyst for growth. Agarwal highlighted that this policy sets the stage for greater collaboration between the public and private sectors, making homeownership more accessible and driving economic growth and job creation.
Financial Concerns: Abhishek Gupta on Funding Adequacy
Despite the general optimism, Abhishek Gupta, founder of CRE Matrix, raised concerns about the policy’s funding. Gupta pointed out that the ₹70,000 crore allocated for the 35 lakh homes might be insufficient, estimating that ₹7 lakh crore would be required to build homes at an average cost of ₹20 lakhs per home. His observations suggest that the policy might need additional funding or adjustments in cost estimates to meet its ambitious target.
Summary Table of Key Facts:
| Key Fact | Details |
|---|---|
| Policy Name | Majhe Ghar – Majhe Adhikar (My Home – My Rights) |
| Investment Outlay | ₹70,000 crore |
| Target Homes | 35 lakh homes for EWS and LIG communities by 2030 |
| Policy Focus | Affordable housing for all, including women, students, and industrial workers |
| Developer Support | CREDAI Pune-Metro, BramhaCorp Ltd, Krisala Developers, and others support the initiative |
| Estimated Funding Gap | Experts suggest ₹7 lakh crore may be required for the target |
| Long-Term Impact | Employment generation, infrastructure growth, and inclusive urban development |
FAQ Section
1. What is the goal of Maharashtra’s ‘Majhe Ghar – Majhe Adhikar’ policy?
The policy aims to build 35 lakh homes for EWS and LIG communities by 2030, with a significant investment of ₹70,000 crore. Its primary goal is to provide affordable housing to underserved populations in Maharashtra.
2. Who are the main beneficiaries of the new housing policy?
The policy targets the economically weaker sections (EWS) and lower-income groups (LIG), as well as provisions for women, students, senior citizens, and industrial workers.
3. What is the significance of the ₹70,000 crore investment?
The ₹70,000 crore investment is allocated to the construction of 35 lakh homes, which is expected to foster economic growth, employment, and infrastructure development across Maharashtra.
4. Are there any concerns about the policy’s funding?
Yes, experts like Abhishek Gupta have raised concerns that the ₹70,000 crore might not be sufficient, estimating that ₹7 lakh crore would be required if the homes are built at an average cost of ₹20 lakhs per home.
5. How will the policy affect real estate developers in Maharashtra?
The policy creates new opportunities for public-private partnerships and encourages real estate developers to contribute to the state’s housing goals, while driving growth and job creation across the value chain.