MUMBAI: Low cost housing will be possible with rationalization of taxes as tax collection from real estate has increased tenfold and consolidation of land prices which have increased by 4 times in last 5 years, mentioned Niranjan Hiranandani, Managing Director, Hiranandani Group of Companies while speaking at CII’s 7th edition of Real Estate Conclave 2015 held in Mumbai. He further stated that the corporate participation in the real estate market has helped in increasing the reputation of the sector. “The Hon’ble Prime Minister has a vision of housing for all by 2022 and the industry should make its objective to releasing it. The sector for a long time has been catering the high end demand in the market and needs to reassess its strategy with the 70% of the demand existing for affordable housing”, added Hiranandani.
In context to Mumbai, Hiranandani stated that the development of infrastructure with Cross Harbour Bridge, Metro connectivity, River project for 24 X 7 water supply and open spaces on the reclamation lands are required for growth of real estate. The 4000 acre of salt pan land in Mumbai alone can create 5 lakh units of at Rs 2000 per sq ft and improvement of the slums around the city with development in slum policy for making it effective can solve the affordable housing in Mumbai. The vision of Project Naina shared by the Hon’ble Chief Minister of Maharashtra is expected to add around 2 times the land area of Mumbai to the city making housing for all a reality, added Mr Hiranandani.