Mumbai, 8th October 2022: With an intention to provide affordable housing along with proper infrastructure, the NAREDCO Progressive Neral-Karjat, the Neral-Karjat chapter of the apex real estate industry body – NAREDCO organized the Manthan – Affordable City Initiative.
The Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis on the occasion stated that the government is taking all the necessary steps to provide the necessary infrastructure for the people. “We plan to develop infrastructure, knowledge-based industries, and research centers around the Neral- Karjat region. Considering this the government has taken various infrastructure projects,” he said.
Addressing a video message, the honorable DCM stated that many of these projects would be completed by the year 2023. “This would offer seamless connectivity to the people of MMR. A representation has also been received to develop the Panvel-Bhimashankar highway and convert it into a Multimodal corridor,” he informed.
Shri Fadnavis added that the four lanes of Kalyan Badlapur would be extended to Karjat station to facilitate more local service to the growing population.
Speaking to those people present at the Manthan Affordable City initiative through a video link, Shri S V R Srinivas, Additional Chief Secretary & Metropolitan Commissioner, MMRDA pointed out that the residents of the MMR regions are living in one of the best times. “A lot of infrastructure projects like the Mumbai-Trans Harbour Link project and the Metro projects are either complete or at the completion stage. This would also free a lot of land for development,” he said.
Shri Srinivas informed that strengthening the transport connectivity would transform the city in more than one way to come.
Dr. Niranjan Hiranandani, National Vice Chairman, NAREDCO stated that due to a lot of infrastructure activities undertaken by the government, the center of gravity is constantly shifting. “Imagine, it took almost 60 years to develop 190 km of railways, but in the next 5 years, almost 300 km of Metro rail would be set up. Due to such activities a lot of lands would be opened for development,” he informed.
According to Shri Gautam Thacker, Chairman, NAREDCO Neral-Karjat informed that there is a huge shortage of affordable housing in the country.
“With growing urbanization, the idea is not just to provide cheap houses, but also to provide the infrastructure associated with it. So, people should be able to travel to their places of employment with ease. This was the idea behind organizing Manthan whereby we invited all the stakeholders like policymakers, town planners, and property developers to deliberate on ways to ease the issues faced by the people of Mumbai,” he said.
Shri Thacker informed that the idea is to develop a carbon-neutral region with the proper infrastructure and connected to multi-nodal points which would offer smooth connectivity to the residents there.
On the occasion, a report by NAREDCO-Knight Frank titled ‘Brick by Brick: Reimagining Affordable Mumbai’ was also launched. According to the report, Mumbai Metropolitan Region (MMR) recorded a significant demand-supply gap for affordable housing.
The report cited that MMR registered high demand for affordable housing units with 67% of the demand concentration being registered for units less than Rs 2.5 million. The demand concentration for housing units in the range of Rs 2.5 – 5.0 million was recorded at 13% and units above Rs 5 million at 20%.
Despite the strong interest in this segment, the affordable housing supply has not been able to cater to the demand. The supply of housing units above Rs 5 million recorded the highest concentration at 44% followed by units in the range of Rs 2.5 – 5 million at 34%. The supply concentration for housing units less than Rs 2.5 million was recorded as the lowest at 22%, clearly showcasing the huge supply gap for urban affordable housing in the region.
The President of NAREDCO Neral-Karjat, Shri Dinesh Doshi stated that the mantra today is more about affordable housing. “The government needs to look at more ways to get the infrastructure in place. The lawmakers need to support the city which would go a long way in helping the common man,” he said.