In a major boost to the real estate industry in Maharashtra, CREDAI MCHI projects an increase in supply of affordable housing units by 100% in the state, owing to the new UDCPR notification announced by the Maharashtra Government. This is mainly due to the special incentives on offer for developers which includes application of premium at 15% RR rate instead of TDR, which is bound to encourage more real estate developers to foray into the segment.
CREDAI MCHI, backed by over 1800 developers in the MMR, also believes that lesser and quicker approvals and SOPs will reduce the cost of construction of developers, the benefits of which will also be ultimately realized by the homebuyers in the form of timely possession of homes. The UDCPR notification will also enable a more holistic living experience for homebuyers, which will encourage and lead to better planning, new concepts and an overall enhanced homebuying environment for consumers.
CREDAI MCHI president, Deepak Goradia, shares his remarks “The new UDCPR notification by Shri Eknath Shinde, Cabinet Minister of Urban Development and Public Works in Government of Maharashtra, will prove to be a gamechanger for homebuyers and developers in the state. Owing to the added incentive for developers, we strongly believe that it will lead to an increase in stock of affordable housing projects which will go a long way in fulfilling the dreams of millions of Maharashtrians to own a home, on the back of these progressive decisions taken by the State Government. The improved ease of doing business is also bound to enhance the speed of construction which will enable developers to provide possession of homes in a timely manner. We highly laud the Government and hope for such strategically driven measures in the future, too.”
