Why Mumbai Struggles with Affordable Housing Despite Government Schemes Niranjan Hiranandani Weighs in on High Taxes and Regulatory Barriers
Why Mumbai is Facing Hurdles in Achieving Affordable Housing Despite Government Schemes
Mumbai, the financial capital of India, is a city teeming with dreams and aspirations. However, the stark reality of affordable housing remains a significant hurdle, even with various government schemes in place. Dr. Niranjan Hiranandani, the Chairman of the Hiranandani Group and NAREDCO, sheds light on the myriad challenges that contribute to this ongoing crisis.
High Taxes and Regulatory Barriers
One of the primary culprits behind the soaring housing prices in Mumbai is the high taxation and convoluted regulatory framework. Developers are often burdened with hefty taxes that inflate the overall cost of housing projects. According to Dr. Hiranandani, these financial constraints make it increasingly difficult for builders to offer affordable housing options.
Land Availability and Urban Density
The land scarcity in Mumbai is another pressing issue. With a growing population and limited land resources, the competition for space drives prices up. Urban density exacerbates this problem, making it challenging for developers to find suitable plots for affordable housing projects. Dr. Hiranandani emphasizes that innovative solutions and urban planning are essential to tackle this dilemma.
The Role of Government Schemes
While government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) aim to boost affordable housing, implementation often falters due to bureaucratic inefficiencies. Dr. Hiranandani advocates for a more streamlined process that can effectively connect buyers with housing opportunities, enabling the realization of affordable living spaces in the city.
Conclusion: A Call for Collaboration
To overcome these challenges, collaboration between the government, developers, and other stakeholders is crucial. By addressing high taxes, simplifying regulations, and ensuring effective scheme implementation, Mumbai can inch closer to achieving its goal of affordable housing.
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