Need for affordable rental housing in Mumbai: Hiranandani

Niranjan Hiranandani, Managing Director, Hiranandani Group of Companies, has said there is an urgent need for affordable rental housing schemes in cities like Mumbai. 

“We have almost around 650 acres of salt pan land in the Mumbai Municipal Corporation limits. There is a need to open up the land for the construction of affordable and low-cost housing in a city like Mumbai where there is an acute paucity of vacant land,” he said in a statement. 

According to Hiranandani, the industry body is also in discussion with the Reserve Bank of India for a one-time rollover for all stressed debts. “Like in the year 2008, when the Lehman crisis took place, the Reserve Bank of India (RBI) helped the banks to tide over the crisis. We expected a similar solution to address the issues faced by the real estate sector,” he said.

He also congratulated Minister for Housing and Urban Affairs Hardeep Singh Puri and other industry body members on the successful launch of the affordable rental housing scheme and the web portal, Housingforall.com.