Navi Mum airport township will reign in Mumbai realty prices, says Maharashtra Dy CM Devendcta Fadnavis

MUMBAI, Sep 30 (The CONNECT) -The Maharashtra Government has completed the process of giving approvals to the much-stalled Dharavi Redevelopment project and the tendering process required to commence the redevelopment work will be done in three months, Deputy Chief Minister of Maharashtra Devendra Fadnavis today said.

Speaking at the Homethon Property Expo, organized by the National Real Estate Development Council (NAREDCO) Maharashtra, Fadnavis informed that the Dharavi Redevelopment Project would be one of the biggest redevelopment projects ever undertaken by any government and will positively change the face of Mumbai forever.

The Deputy Chief Minister explained that the government realises the importance of real estate sector and has been taking several proactive steps to provide a boost to it.

“The real estate sector employs nearly 20 percent of the population, and we realise that it requires some concessions to grow. We are having deliberations with the chief minister on the subject and would come out with some concreate decision regarding the same,” he informed.

Fadnavis also explained that the Navi Mumbai Airport Influence Notified Area (NAINA) project will have a huge impact on property prices in Mumbai. “Real estate development at NAINA would moderate prices around Mumbai and also give a lot of opportunity to developers to provide quality construction there,” he said.

The first of its kind, three-day property expo is organized by the National Real Estate Development Council (NAREDCO) Maharashtra at the Jio Convention Centre in BKC Mumbai. The event was inaugurated by the brand ambassadors of the Homethon Property Expo – celebrated - Riteish and Genelia Deshmukh along with Sandeep Runwal, president, NAREDCO Maharashtra, Dr. Niranjan Hiranandani, National Vice Chairman, NADRECO and other top developers.

Runwal said that the government has taken steps to revive the real estate sector which has helped it grow. “The reduction of stamp duty during the pandemic provided a much boost to consumer sentiments and this resulted in record sales during the period,” he explained.

He said that the Homethon Property Expo is a huge opportunity for potential home buyers to buy their dream home at a reasonable price. “We have more than 150 top developers showcase 1000 projects. They have come out with some amazing offers which would be valid only for till the time the event is on. Property buyers won’t be getting such an opportunity again,” he said. 

Runwal explained that it is almost after three years that a property exhibition is organised at such a massive scale. “Everything is happening on a larger scale this year as the event is taking place after a two-year gap caused by the COVID-19 pandemic. Homebuyers will be able to purchase their dream home in Mumbai as the demand for housing in the city grows. This Homethon Property Expo is India's largest and first of its kind, allowing homebuyers to choose properties from top-tier developers across the state, as well as other amenities, all under one roof. Similarly, art lovers will be able to purchase Lord Ganesha's masterpieces from ‘The Art Exhibition’.”

Bollywood Actor and Brand Ambassador of Homethon Property expo, Riteish Deshmukh said “It is a dream of every Mumbaikar to own a house in the city. I am proud to be associated with such an event which makes it happen.”

The property exhibition has properties ranging from luxury to premium to affordable categories, all under one roof giving consumers a wide range to choose from.

Fadnavis launched the NAREDCO-Knight Frank Report titled - The Grand Revival of Mumbai’s Residential Market and unveiled the cover of the latest magazine of Guardians Real Estate Advisory titled- Open Acres. 

A special stall featuring masterpieces from 'The Art of India 2022 - Ganeshotsav’ was an added attraction at the event. Over 40,000 people have already registered for this special exhibition, which will include over 200 different art forms of Lord Ganesha in various moods and postures. Art lovers and Ganpati devotees will be able to purchase works by some of the country's top names as well as talented young artists.