MUMBAI: Chief Minister Devendra Fadnavis expressed his concerns on Thursday regarding the rising prices of flats in Mumbai, despite various concessions offered to the real estate sector, including reduced premiums.
At a meeting with CREDAI-MCHI, Fadnavis stated, “Over the past decade, we have made every effort to make housing more affordable based on your requests. However, despite these measures, housing prices have continued to climb. We believed that projects like the coastal road and Atal Setu would lead to lower prices, but instead, prices have soared.”
While acknowledging that increasing housing prices can positively impact the economy, Fadnavis emphasized that making affordable housing a reality requires a shift in approach. He urged developers to focus on the development of the Third Mumbai, located near Atal Setu, and the Fourth Mumbai, which is being developed in northern MMR around the Vadhavan port.
The government envisions the Third Mumbai as an edutech and innovation hub, hosting 12 foreign universities that will cater to one lakh students and foster a vibrant economy. The Mumbai Metropolitan Region Development Authority (MMRDA) is working on a 150 sq km township, with CIDCO also launching a new township. He encouraged builders to collaborate with MMRDA in these initiatives.
Fadnavis asserted that addressing slum redevelopment requires innovative technologies. “If we can clear land in a year and a quarter, buildings should be constructed within a year. This is essential for making Mumbai slum-free,” he stated.
