· To partner the state government
· Mumbai and MM Region to benefit
MCHI to host a Convention “Homes for All” in association with the state government
Mumbai, April 06, 2010: The Maharashtra Chamber of Housing Industry (MCHI), one of the leading associations of developers, is embarking on an ambitious plan of facilitating the creation of 5 lakh affordable houses over the next 5 years in close coordination with the state government and other housing bodies of the government.
The major move, first of its kind in the history of the country would aim at providing affordable homes to middle and lower income groups living in Mumbai and the Mumbai Metropolitan Region (MMR).
MCHI will be working in partnership with the State Government to examine and identify measures to strengthen the housing industry’s role in the socio-economic development of the State. In relation, it will also seek to formulate measures that will aid in the development of affordable homes and ensure their availability across the Mumbai and MMR Region.
Commenting on the major decision, Mr. Pravin Doshi, President, MCHI said,” it is a great opportunity for MCHI and its members to contribute to the development of the state by facilitating the creation of 5 lakh houses. We strongly believe that our efforts would result in creation of quality housing stocks which could be effectively used to house the needy especially from the economically challenged sections”.
We are closely working with the state government and the government officials to work out the modalities of the scheme, Mr Doshi added.
“All the members of MCHI are solidly behind this exemplary initiative and the active support from the state government would help us in successfully executing the initiative”, Mr. Doshi said.
To add further impetus to its efforts with the State Government, MCHI intends to host a one-day housing convention titled ‘Homes for All’, that will showcase the solutions arrived at and the way forward for establishing affordable housing in Mumbai and the MM Region. The convention will be held on April 28 in Mumbai.
The glaring need and acute imbalance between the need for the housing and the woefully inadequate supply of quality houses has spurred the organisation to come out with the new proposal, Mr Doshi added.
According to Cushman and Wakefield report, the demand for affordable housing is expected to increase by approximately 400,000 units every year in the country. MCHI is aiming to lend its support to the State Government to address the housing shortage through the establishment of a planning committee that will offer solutions and help to formulate a concrete policy that will ensure the establishment of affordable housing communities.
Mumbai has an immediate demand of approximately 1.4 million homes, of which, 80% of the demand is expected to emanate from the 3-5 lakh income group. There is an unmet demand for basic affordable housing in Mumbai and the MM region due to an increase in land, labour and construction costs. Residential housing can be made affordable by release of land by the government, increase of FSI, reduced taxes, single window clearance on plans and availability of micro finance. Through this partnership, our endeavour is to arrive at some substantial solutions to cater to this ever-growing need, Mr. Doshi added.
Affordable housing is one of the most talked about issues in the real estate over the past several years. The challenge is to provide affordable homes for every family in Mumbai and the MM Region. There are also very few houses in the affordable income bracket that are being constructed across Mumbai and the distant suburbs. Around 60% of the population of Mumbai lives in informal housing. Therefore, affordable homes should be the focus of all concerned stakeholders. By hosting the Homes for All convention we intend to provide a clear blueprint to address the issues at hand and the appropriate way forward, added Doshi.
“Creation of affordable houses is an overriding priority and it could only be accomplished with active support from all stakeholders”, Mr. Doshi further said.
The ‘Homes For All’ convention will be hosted with the intent of providing a platform that will bring forth positive changes within the residential market in Mumbai and the MM Region. It is slated to be held at the Y. B. Chavan auditorium, Mumbai, on April 28, 2010.
Maharashtra Chamber of Housing Industry (MCHI), formed in 1982 is the most prominent body of real estate builders and developers bringing together members dealing in real estate and construction industry on one common platform to address issues facing the industry. Members of MCHI account for providing 80 % – 90% of residential accommodation in Mumbai and its vicinity. MCHI helps both the Central and State governments in meeting their objectives of providing shelter. MCHI works towards raising awareness among the general public, real estate and construction industry while providing them with exhaustive information on projects and new developments in and around Mumbai. With over 400 well-recognized and reputed member builders, developers MCHI is affiliated with leading industry associations like FICCI, IMC and CREDAI.