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)

Mumbai, as a vital economic engine, must focus on comprehensive city development, including infrastructure improvements and future growth planning.

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.

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.

Website: https://mchi.net/