businesstoday.in-Why Mumbai is facing hurdles in achieving affordable housing despite government schemes? Niranjan Hiranandani weighs in
Despite ambitious governmental initiatives like the Pradhan Mantri Awas Yojana (PMAY) aimed at fostering affordable housing, major Indian cities like Mumbai continue to grapple with unaffordable home prices. Dr. Niranjan Hiranandani, Founder and Chairman of the Hiranandani Group, in an old video posted on social media, said that a significant portion of housing costs — up to 50% — is consumed by various government levies, such as GST and stamp duty.