What makes Homes Unaffordable in Mumbai | Dr Niranjan Hiranandani
In this video, Dr. Niranjan Hiranandani discusses the key reasons behind the persistent housing unaffordability in cities like Mumbai. One of the major factors is the high taxation on homes, with up to 50% of the cost attributed to taxes such as GST, stamp duty, and other government levies. These significant tax burdens drive up home prices, making it difficult to deliver affordable housing.
Another issue is the ready reckoner rate, which sets a minimum price for property transactions. This regulatory floor makes it nearly impossible to offer homes below a certain price, directly impacting affordability. Developers often focus on compensating slum dwellers in rehabilitation projects, which limits their capacity to provide affordable housing for the broader market.
Furthermore, the real estate sector faces challenges with the ease of doing business. Lengthy approval processes, outdated regulations, and high compliance costs delay projects and increase expenses for developers and homebuyers alike.
Dr. Niranjan Hiranandani emphasizes that a more comprehensive solution lies in better city master planning. By enhancing infrastructure, transportation, and living conditions, cities can improve the overall quality of life. A well-planned urban environment, balancing affordable housing with efficient services, will make cities more livable and sustainable for everyone.
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