New Land Lease Policy will hit common man

Mr.Paras Gundecha, President MCHI-CREDAI said This move will have far reaching effects on the rental and lease property market in Mumbai. Maharashtra government's decision to allow land to be given on lease only for 30 years will put potential leases in a quandary. Moreover, the increase in lease rates will have an adverse effect on the rental and lease property market in Mumbai. 

In an economy which is already reeling under market pressures, this move will further affect the buyer sentiment.“ Lalit Kumar Jain, President CREDAI National He is surprised at the Maharashtra Government's decision to increase lease rates and decrease the tenure of the lease. This move will further pressurize the real estate market, which is already suffering from poor demand. Lessees will now shy away from the market due to shorter tenure and increased lease rates. 

The revised policy is against the affordable housing principal and it will put a lot of pressure on the home buyers. The government needs to reconsider this decision as it will only add to the woes of the real estate sector in India.