Niranjan Hiranandani expects Mumbai slum redevelopment to gain momentum
Hiranandani believes that all political parties in the State are aligned in the interest of infrastructure growth, and the industry will continue to progress despite any changes in political composition
Niranjan Hiranandani, Founder and Managing Director of Hiranandani Group believes there will be an increasing focus on slum redevelopment in Mumbai.
The first project in Dharavi has started, but only 5% of slum redevelopment promised 15-20 years ago has been completed.
He expects future governments to prioritise this issue, as half of Mumbai's population lives in slums.
“So I think any government that is proposing to be there as far as next state elections of Maharashtra will give a huge commitment as far as slums redevelopment is concerned and I think that will rule the roost as far as the Mumbai region is concerned with 50% of the population living in slums in Mumbai,” he said.
He believes that all political parties in the State are aligned in the interest of infrastructure growth, and the industry will continue to progress despite any changes in political composition.
Real estate stocks like Prestige Estates, Godrej Properties, Sobha, and Brigade Enterprises were down from their 52-week highs today (June 5). as the market tried to digest the unanticipated twist in the election results.
Hiranandani also highlighted the central government's support for infrastructure, including projects like the Mumbai-Ahmedabad bullet train and the Delhi-Mumbai industrial corridor. He believes these projects will drive development in Mumbai and Maharashtra.
Pankaj Kapoor, Founder and Managing Director of Liases Foras, noted that affordable housing slowed down after COVID-19 but expects this segment to grow again with government support.
“During post-COVID period we have seen little bit of retardation in affordable and the priority sector housing, I think that will resurface and the government will probably consider boosting the demand and supply in this particular segment. So overall aspects, I see there would be a further growth.”
Read Here | India's home prices to rise steadily, affordable housing supply to lag demand: Reuters poll
Kapoor mentioned a significant demand for housing, with 64 million homes needed in the next five to six years. He believes the government will focus on affordable housing and reforms to help the common people.
According to Kotak Institutional Equities, the key economic agenda of the NDA government over the next five years will likely include strengthening the Real Estate Regulatory Authority (RERA), improving transparency in the real estate sector, enabling automatic approvals, and targeting cost reductions in construction and registration.
A report by brokerage firm Jefferies suggests the government plans to expand the "Housing for All" scheme to build 30 million new houses, in addition to the 40 million already constructed.
The government will also collaborate with states to reduce approval times and cut transaction costs. New slum rehabilitation schemes will be launched, and there is a $70 billion opportunity for upcoming infrastructure projects in Mumbai.
Watch this video for more.
The first project in Dharavi has started, but only 5% of slum redevelopment promised 15-20 years ago has been completed.
He expects future governments to prioritise this issue, as half of Mumbai's population lives in slums.
“So I think any government that is proposing to be there as far as next state elections of Maharashtra will give a huge commitment as far as slums redevelopment is concerned and I think that will rule the roost as far as the Mumbai region is concerned with 50% of the population living in slums in Mumbai,” he said.
He believes that all political parties in the State are aligned in the interest of infrastructure growth, and the industry will continue to progress despite any changes in political composition.
Real estate stocks like Prestige Estates, Godrej Properties, Sobha, and Brigade Enterprises were down from their 52-week highs today (June 5). as the market tried to digest the unanticipated twist in the election results.
Hiranandani also highlighted the central government's support for infrastructure, including projects like the Mumbai-Ahmedabad bullet train and the Delhi-Mumbai industrial corridor. He believes these projects will drive development in Mumbai and Maharashtra.
Pankaj Kapoor, Founder and Managing Director of Liases Foras, noted that affordable housing slowed down after COVID-19 but expects this segment to grow again with government support.
“During post-COVID period we have seen little bit of retardation in affordable and the priority sector housing, I think that will resurface and the government will probably consider boosting the demand and supply in this particular segment. So overall aspects, I see there would be a further growth.”
Read Here | India's home prices to rise steadily, affordable housing supply to lag demand: Reuters poll
Kapoor mentioned a significant demand for housing, with 64 million homes needed in the next five to six years. He believes the government will focus on affordable housing and reforms to help the common people.
According to Kotak Institutional Equities, the key economic agenda of the NDA government over the next five years will likely include strengthening the Real Estate Regulatory Authority (RERA), improving transparency in the real estate sector, enabling automatic approvals, and targeting cost reductions in construction and registration.
A report by brokerage firm Jefferies suggests the government plans to expand the "Housing for All" scheme to build 30 million new houses, in addition to the 40 million already constructed.
The government will also collaborate with states to reduce approval times and cut transaction costs. New slum rehabilitation schemes will be launched, and there is a $70 billion opportunity for upcoming infrastructure projects in Mumbai.
Watch this video for more.
(Edited by : Shweta Mungre)
First Published: Jun 5, 2024 5:15 PM IST
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