Housing Horizon: Niranjan Hiranandani Predicts Record Real Estate Boom in Maharashtra Amid Historic Policy Overhaul

In a bold declaration that has sent ripples across India’s real estate industry, industry titan Niranjan Hiranandani has forecast an unprecedented growth wave in Maharashtra’s real estate sector, fueled by the state’s long-awaited housing policy reform. With policy clarity, massive infrastructure push, and an ambitious vision led by Deputy Chief Minister Devendra Fadnavis, Hiranandani believes that Maharashtra is on the cusp of a housing revolution one that could rival the scale of the Prime Minister’s Pradhan Mantri Awas Yojana (PMAY).

A Policy 18 Years in the Making
For nearly two decades, Maharashtra’s housing sector has grappled with a vacuum of clear direction. That ends now. After 18 long years, the state is poised to implement a comprehensive housing policy aimed at tackling everything from slum rehabilitation to green buildings, industrial-residential integration, and inclusive housing.

“This is not just policy. This is a vision,” said Hiranandani. “Seventy thousand crores, the same quantum PM Modi spoke of for all of India under PMAY is now being earmarked just for Maharashtra. That’s a game-changer.”

What sets this policy apart isn’t just its ambitious budget or expansive scope, it’s the built-in accountability. The government is set to launch an AI-driven portal to monitor every initiative, echoing the war-room approach previously seen in infrastructure mega-projects like the Atal Setu and Mumbai Metro expansion.

Affordable Housing: The Double-Edged Sword
While the intent is clear, the path to execution, particularly in the affordable housing segment, is riddled with complications. According to Hiranandani, policy incentives alone aren’t enough.

“Developers are exiting the affordable housing market not due to lack of demand, but due to high input costs,” he emphasized. “High ready reckoner rates, expensive additional FSI, stamp duties all of these make redevelopment economically non-viable in cities like Mumbai.”

For private capital to re-enter the fray, he argues, the government must recalibrate its fees and taxes to genuinely unlock the sector’s potential. Without this, the vision for affordable housing risks being bottlenecked by ground-level economics.

Unlocking Land: The Sleeping Giant
One of the most promising aspects of the policy is its focus on unlocking land banks, particularly in the Mumbai Metropolitan Region (MMR) and Pune. With strategic projects like the Navi Mumbai Airport, Mumbai Trans Harbour Link (MTHL), and the Panvel-Karjat rail corridor on the horizon, Hiranandani envisions new urban ecosystems taking shape.

“Peripheries of Mumbai and Pune are going to explode with development,” he predicted. “These aren’t just suburbs anymore they’re future cities, and infrastructure is finally catching up.”

The policy is also aligned with the “walk-to-work” model, integrating industrial zones with residential developments, a move that could reduce urban sprawl, improve sustainability, and enhance quality of life.

Execution: The Final Frontier
Still, Hiranandani tempers his enthusiasm with realism. “If there weren’t massive challenges, we wouldn’t need such an aggressive policy. The real test is execution.”

With over 50% of Mumbai’s population still living in informal housing, slum rehabilitation remains one of the thorniest issues. Add to this the bureaucratic inertia, legacy land title issues, and high development costs, and the picture becomes complex.

Yet, amid the challenges lies an extraordinary opportunity. According to Hiranandani, 2025 could witness the highest real estate growth in Indian history, with Maharashtra potentially clocking a staggering 25% year-on-year growth.

A Defining Moment for Maharashtra
Hiranandani’s forecast isn’t just optimistic, it’s historic. The stars appear aligned: policy, leadership, infrastructure, and technology are converging to reshape Maharashtra’s housing landscape. But as always, vision without execution is hallucination. The coming months will reveal whether the bold blueprint can translate into bricks, mortar, and meaningful change for millions.

For now, though, the message from one of India’s most influential real estate voices is crystal clear: Maharashtra’s housing future is not just bright, it may well be record-breaking.