Mumbai alone has about 5 lakh vacant houses, followed by Delhi and Bengaluru at 3 lakh, Pune and Ahmedabad at 2 lakh, Jaipur at 1.2 lakh, Hyderabad at 1 lakh, Kolkata at 80,000, Bhopal and Gurugram at 75,000, Lucknow at 65,000 and Ghaziabad at 55,000, as per the Knight Frank report.
Several breakthrough reforms with pertinence to the Indian real estate sector saw the light of the day over the last one year. Be it demonetisation – the government’s ‘surgical strike’ against black money, the revolutionary RERA or the unified tax regime of GST; all bore the power of rendering the Indian real estate sector more transparent and professional.
In the previous nine-month Budget, the new government outlined its vision for boosting affordable housing. From the upcoming 12-month budget, the Indian real estate sector looks forward to provisions that firm this vision up on the ground.
The Maharashtra government finally reduced the floor space index (FSI) for its ambitious rental housing project, bowing to the pressure from local civic bodies. The State Chief Minister Prithviraj Chavan has now revised the policy and reduced the FSI to three. Local civic corporations in the MMR region complained that FSI four would put an unbearable load on their infrastructure as many developers had planned to build high rise buildings in such areas.
Response for the Maharashtra government's rental housing scheme, aimed at stemming slum proliferation and preventing unauthorised structures from sprouting in Mumbai city's metropolitan region, has so far been dismal in the Mumbra-Shilphata belt, an area that probably needed the scheme the most.