Advertisement
HOMETHON 2025, a three-day property exhibition by NAREDCO Maharashtra, concluded at Mumbai's Jio World Convention Centre with developers, policymakers, and industry leaders exploring opportunities in housing and infrastructure. Maharashtra Transport Minister Pratap Sarnaik announced 98-year lease tenders for ST bus depots across the state, to be redeveloped into modern bus ports, while also highlighting Pod Taxi expansion in the MMR. Speakers including Rahul Bose, Prashant Sharma, Rajan Bandelkar, and Dr Niranjan Hiranandani emphasized affordable housing, inclusive communities, and sector growth. Hiranandani projected 15% growth for real estate, aided by GST cuts on cement and bricks, upcoming airports, metro lines, and improved connectivity.
HOMETHON 2025, a three-day mega property exhibition organized by NAREDCO Maharashtra, was held at the Jio World Convention Centre in Mumbai, bringing together developers, policymakers, and industry leaders to explore opportunities in real estate development across the state. The event also hosted the Real Estate Forum 2025, where discussions focused on infrastructure, urban development, and affordable housing. Advertisement
The exhibition saw prominent guests including Pratap Sarnaik, Maharashtra's Minister of Transport, Rahul Bose, acclaimed actor and President of Rugby India, and top officials from NAREDCO, such as Prashant Sharma, Rajan Bandelkar, and Dr Niranjan Hiranandani. The forum encouraged developers to participate in projects that could shape the state's urban landscape while addressing housing needs and improving living standards.
During the forum, Sarnaik announced that the state government would soon open tenders for long-term leases of ST bus depots across Maharashtra. The leases will be for 98 years, with an initial 49-year period extendable by another 49 years. The Ministry plans to convert the depots into modern bus ports, similar to successful models in Gujarat. The move covers strategic MSRTC land parcels across Mumbai, including Kurla and Borivali, and other towns across the state.
Sarnaik encouraged real estate developers to participate in the tenders, noting that the Pod Taxi system will soon operate in the Bandra-Kurla Complex and expand to other parts of the Mumbai Metropolitan Region, including Mira-Bhayandar and Thane. He also highlighted the state government's focus on semi-urban and rural development and the promotion of affordable housing as part of an all-around growth strategy.
Rahul Bose emphasized the importance of low-cost housing and income-agnostic community spaces to ensure smoother living experiences in challenging urban environments.
Prashant Sharma pointed out that the real estate sector is rapidly organizing itself and has the potential to make Maharashtra more progressive and inclusive, aligning with this year's forum theme, 'Reimagining Maharashtra: Global Alliances to Local Impact.'
Rajan Bandelkar stressed the importance of the affordable housing segment and called on developers to actively participate in state government initiatives, particularly the ST bus depot projects.
Dr Niranjan Hiranandani projected the real estate sector's growth at 15%, higher than earlier estimates of 12%, and noted that GST reductions on cement and bricks will reduce construction costs for affordable housing. He highlighted infrastructure developments, including 300 km of metro lines expected in the next four years, upcoming airports, and enhanced rail and port connectivity around the Mumbai Metropolitan Region, which will further boost real estate prospects. He also urged reforms for ease of doing business and lower development charges to support sector growth.
Historically, the MSRTC and the Maharashtra government had tried monetizing their land bank through shorter leases of around 30 years, but these efforts saw limited developer interest. By extending the lease to 98 years and positioning the depots as bus ports, the government aims to attract serious investment and ensure long-term development.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
