The Maharashtra government on Nov 1, 2006 unveiled its new draft housing policy for Mumbai. The government has granted a period till December 31, 2006 for suggestions and objections from the public. After which the policy is expected to be implemented in January, 2007.
According to the New Housing policy for Mumbai real estate;
# All buying and selling in the real estate sector take place on the basis of carpet area and not by built-p or super built-up area
# It is mandatory for all builders to include houses for low and middle-income groups in all their projects.
# The government has also decided to set up a housing regulatory commission to act as watchdog for the housing sector.
# The pricing of real estate in Mumbai will be monitored by the new housing regulatory commission. {The commission will be on the lines of the Telecom Regulatory Authority Commission (TRAI) and the Maharashtra Electricity Regulatory Commission.}
# With the aim of encouraging special township schemes outside the municipal area of Mumbai, the policy has proposed that floor space index (FSI) be raised from 0.5 to 1.0 in ‘urbanisable’ zones.
# The policy also mentions, as its priority areas, encouragement of foreign direct investment, construction of low-cost houses and of transit shelters and reconstruction of old and dilapidated buildings.
# Scrapping of urban land ceiling act
# Deregulate housing sector and encourage competitive and public private partnership
# Rationalisation of development control rules (DCR) and streamline building approval procedure.
# Promote rental housing.
# Creation of dedicated housing infrastructure fund.
# Construction of transit shelters in class I cities.
# Special attention on housing schemes in urbanised areas of the state.
# Third party audit of slum rehabilitation authority schemes to ensure greater transparency and accountability.
The revolutionary housing policy for Mumbai is intended to initiate the process of reforms and liberalisation so that affordable housing is created on a large scale.
Good News for Mumbai real estate!!
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