Maharashtra government announces housing price cuts and land compensation updates

The Maharashtra government has announced several policy changes affecting housing and land acquisition. Deputy Chief Minister Eknath Shinde directed the Maharashtra Housing and Area Development Authority (MHADA) to reduce flat prices at the Chitalsar-Manpada project in Thane. Prices will be revised from approximately ₹51–52 lakh down to ₹44–46 lakh by utilizing 2020–21 Ready Reckoner rates to ensure uniformity across the complex.

This price reduction applies automatically to 434 allottees who previously accepted their allotments. Remaining unsold units will be offered through a new lottery under the revised pricing. The decision follows complaints regarding price discrepancies between identical flats in the same project.

Additionally, the Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis, approved an increase in interest rates for delayed land acquisition compensation. The new rate will be set at 1 percentage point above the prevailing RBI repo rate. To support the renewable energy sector, the Cabinet also approved a 25 per cent reduction in land transfer fees and a complete stamp duty exemption for intra-group land transfers intended exclusively for renewable energy projects.