New Upfront Security Deposit to End Stalled Projects
In a significant move to safeguard residents and boost confidence in the real estate sector, Maharashtra’s Deputy Chief Minister, Eknath Shinde, has announced a pioneering new housing policy. This mandate requires developers to deposit the equivalent of three years’ rent upfront before starting any redevelopment work.
This critical measure is aimed squarely at tackling the persistent issue of stalled redevelopment projects that often leave residents displaced, financially stranded, and waiting for years without compensation.
The core of the new regulation is financial accountability. By compelling builders to hold a three-year rental security deposit, the state housing department is creating a crucial financial buffer for existing residents.
“All too often, builders take on projects, vacate the residents, and then either fail to pay rent or delay construction indefinitely… To address this, we are introducing a policy where builders must deposit three years’ rent upfront,” Shinde stated.
The new policy not only mandates the upfront deposit but will also involve a rigorous assessment of the developer’s execution capability before project approval is granted. This dual approach ensures a transparent and ethical process, thereby reinforcing Housing Security India for thousands of families.
Also Read – Maharashtra Housing Policy 2025: A Game-Changer for Senior Living & Real Estate
₹50 Lakh Crore Vision: Boosting Affordable Housing Supply
Beyond resident protection, the state is rolling out an ambitious strategy to accelerate its housing goals. The government is actively seeking collaboration with cash-rich government agencies known for their track record of timely project completion.
This joint investment model, combining government reputation with private development expertise, is expected to mobilize a massive ₹50 lakh crore over the next five years. The target is to construct 35 lakh new homes across the state, providing a monumental push to the affordable housing Maharashtra segment and streamlining Real Estate Regulation.
Focus on Inclusive Development: Senior Citizens and Workers
As head of the housing department, Deputy CM Shinde also highlighted the state’s commitment to inclusive housing development:
- Pioneering Senior Citizen Policy: Maharashtra is set to become one of the first states in the country to introduce a dedicated, pioneering housing policy for senior citizens, prioritizing this demographic’s unique residential needs.
- Targeting Key Segments: New supply will focus on developing affordable rental homes for migrant workers who are often priced out of open-market rates.
- Empowering Women and Workers: Specific plans are underway to ensure that key demographic sections, including working women and mill workers, benefit from the increasing stock of quality, affordable housing and access to Mhada Flats.
News Source – India Times
