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Mumbai and Pune's housing markets are set for a major shift under the Maharashtra State Housing Policy 2025, unveiled in the JLL-NAREDCO report Towards 'Housing for All'. The state has announced INR 70,000 crore in investment to deliver 3.5 million affordable homes by 2030, addressing the growing dominance of premium housing. Sales in both cities have doubled since 2019, with luxury units now accounting for 59% of launches. The policy includes AI-based monitoring, redevelopment incentives, FSI relaxations for senior and student housing, and GST relief. Strategic growth corridors in both cities will drive balanced urbanisation, making homeownership more accessible while sustaining premium demand.
The housing markets of Mumbai and Pune are set to experience a transformative shift, following the unveiling of the JLL-NAREDCO report Towards 'Housing for All' in Maharashtra - The 2025 Policy Blueprint. Policymakers have announced an INR 70,000 crore investment with the objective of constructing 3.5 million affordable homes by 2030. The initiative is designed to counter the rapid premiumisation of both markets and to provide middle and lower-income families with greater access to homeownership through the creation of new peripheral housing clusters. Advertisement
Market data shows that combined annual sales across Mumbai and Pune nearly doubled from an average of 46,528 units during 2016-2019 to over 105,000 units between 2022 and the first half of 2025. Capital values also appreciated significantly, with Mumbai registering around 28% growth and Pune witnessing close to 20% appreciation during the same period. This robust demand has been accompanied by a rising share of premium housing, with units priced above INR 10 million accounting for 59% of launches, compared with 43% earlier. In contrast, mass housing below INR 10 million dropped from 57% to 40%, and affordable housing under INR 5 million slipped from 15% to 12%.
Industry stakeholders explained that this imbalance prompted the introduction of the 'My House, My Right' policy, supported by INR 70,000 crore in targeted investment. The plan includes enhanced transparency through AI-powered monitoring on the State Housing Information Portal, integration with MahaRERA and PM Gati Shakti platforms, and measures to support inclusive development. According to JLL executives, the policy provides incentives such as 2.5 FSI for senior housing, 15% commercial FSI for student housing, and a 1% GST rate across segments. It also addresses redevelopment of cessed buildings and slums in Mumbai, creating new opportunities in rental housing, student accommodation, and senior living.
In Mumbai, four strategic corridors are driving metropolitan expansion. These include the Navi Mumbai corridor spanning Panvel, Ulwe and Karanjade; the Thane zone around Ghodbunder Road and Bhayandarpada; the Vasai-Virar belt from Nalasopara to Naigaon; and the Kalyan-Dombivli hub. Each of these zones has been positioned as an integrated growth driver, supported by multi-modal transport and infrastructure investments. Pune is following a four-directional model, with growth focused on IT-linked northern corridors, fast-growing employment centres in the north-east, planned communities in the south-west, and infrastructure-ready localities in the south-east.
These measures are being seen as part of a wider strategy to ensure balanced urbanisation. The policy framework places emphasis on inclusivity, sustainability and affordability, while ensuring continued momentum in the premium segment. Market experts stressed that the Maharashtra State Housing Policy 2025 arrives at a crucial time, when residential sales are accelerating but affordability concerns remain acute. The plan is expected to reorient the growth trajectory of Mumbai and Pune into more equitable and sustainable directions.
The housing strategy being rolled out across Mumbai and Pune seeks to balance the surge in premium housing with an urgent need for affordability. Backed by INR 70,000 crore in investment and detailed planning, the initiative aims to deliver 3.5 million affordable homes by 2030, revitalise stalled redevelopment projects, and foster diverse housing corridors in both cities. If successfully implemented, the Maharashtra State Housing Policy 2025 could serve as a benchmark for inclusive urban growth, ensuring that India's financial and technology hubs remain accessible to middle and lower-income households while retaining their strong economic momentum.
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