The National Real Estate Development Council (NAREDCO) Maharashtra in association with Practicing Engineers, Architects and Town Planners Association (PEATA) hosted a pivotal Knowledge Session which brought together distinguished experts from the real estate sector to discuss critical policy implications and their impacts on the Mumbai real estate market.

Mr. Prashant Sharma, President of NAREDCO Maharashtra, inaugurated the session with a warm welcome to all attendees, emphasizing the significance of such knowledge exchanges in understanding the intricacies of real estate regulations. He stated that these sessions are crucial for all stakeholders to gain clarity on the rules governing the real estate sector.

Mr. Manoj Dubal, President of PEATA, opened the discussions with a detailed examination of Sections 33(11), 33(20)B, and a comparative analysis of regulation 33. His insights covered essential topics such as permissible Floor Space Index (FSI) on plot developments, transit camp tenements for Slum Rehabilitation Authority (SRA), clubbing of schemes in case of unconsumed sale component of additional FSI, development of affordable housing, rehabilitation & resettlement on private plot or plot of authority other than government authority.

The highlight of the event was a panel discussion titled ?Navigating the Future: Policy Priorities for the Real Estate Sector?, featuring industry stalwarts like Mr. Niranjan Hiranandani, Mr. Rajan Bandelkar, Mr. Kamlesh Thakur, Mr. Manoj Dubal and Mr. Manoj Daisaria. The discussion was moderated by Aarti Harbhajanka.

Panelists debated the need for government support in light of substantial profits earned from the realty sector. Dr. Niranjan Hiranandani, Chairman Emeritus, NAREDCO Maharashtra said that the real estate sector is the most taxed industry. The government earns substantial profits from the realty sector and therefore, he said that, it is reasonable to expect greater support from the government. He said that the scrapping of the Urban Land Ceiling (ULC) is an example of the government heeding to the industry's reasonable needs.

Mr. Hiranandani stated that there are huge parcels of vacant land in Mumbai which remain unutilized and can be taken up for affordable housing. If these land parcels are opened up and the cost of development is reduced, developers can help the government fulfil its obligation to provide affordable housing to all.

Mr. Rajan Bandelkar, Vice Chairman, NAREDCO stressed on the need for the industry to stay within its limits. He praised the government?s efforts in establishing the Real Estate Regulatory Authority (RERA) in its bid to control the sector, bring more transparency and safeguard home buyer interest. He also urged the government to undertake housing schemes for other sections of society on the lines of the Pradhan Mantri Awas Yojana (PMAY-U) for the needy and poorer sections of society.

Conversations also touched upon the need for innovative urban planning. Mr. Kamlesh Thakur, Vice President, NAREDCO Maharashtra opined that we need to create smart cities as there will be a reverse migration of Indians from abroad. He also added that the government should encourage green field developments instead of brown field developments or redevelopments.

Architects Karan Daisaria & Devansh Daisaria, Design Principal, Daisaria Associates gave an insightful presentation on the elevation features of new developments. They spoke on the challenges faced by architects in the planning and designing of buildings given the strict norms and guidelines laid down by the competent authorities. Having studied and worked abroad with international brands, they have tried to merge these features into the Indian construction framework.

The session concluded with a collective affirmation on the necessity of regular policy discussions to foster a more transparent and robust real estate market in Mumbai.

The session proved highly insightful for navigating the future of the real estate industry. While regulations aim to bring transparency, stakeholders emphasized the need for innovative solutions and continued policy discussions. As Mumbai grapples with housing shortages and development challenges, collaborative efforts between government and industry will be vital to unlock land potential, promote affordable construction and plan vibrant, sustainable communities.