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00:30I think the overall meeting with the finance minister went extremely well.
00:40We came to understand what the government actually is looking forward to suggestions
00:46from the industry.
00:47We were very happy to be able to collaborate with the government.
00:51Number one, the entire thought process was the congratulations in the housing sector
00:58to the PMAY scheme.
01:00As we are all aware, in my whole career of 40 plus years, this is the first year where
01:06affordable housing growth is negative.
01:09It has never happened in my whole career.
01:11So I think the focus on the PMAY scheme for the purposes of incentivizing affordable housing
01:19was a major thing.
01:21The second thought is rental housing.
01:25Up till now today, we are only talking about ownership housing, but a focus needs also
01:30to be done on rental housing.
01:32Everybody does not have ownership house, even the richest country in the world, the United
01:37States, 50% of the people live in rental housing.
01:42So we need to look at it.
01:43At the last budget, the finance minister had given an incentive for the purposes of industrial
01:50workers rental housing.
01:52So our idea is that we need to expand it to other people.
01:56If you journalists get transferred from one city to the other, you are going to stay in
02:00rental housing.
02:01You can't buy a house in every city that you get transferred to.
02:05So that was the second focus.
02:07The third focus was to see what we can do for the purposes of slums.
02:12Mumbai, we have started schemes, also the Dharavi redevelopment and other scheme, but
02:18that's less than 10% of whole of Mumbai slums.
02:21So a focus on how we can take up slums and actually have a scheme to eliminate slums
02:27of Mumbai is a concept that we have represented to the chief minister.
02:33And Mr. Devendra Fadnavis, our honorable chief minister in Maharashtra is extremely supportive
02:38of this particular idea.
02:40And we were able to settle that to it.
02:44All in all, the idea was infrastructure.
02:49Infrastructure of cities have been improved over a period of time.
02:52For example, metro rail and other things are to be done.
02:56But there's still a lot of handicap.
02:58Even if you catch the metros, the last mile connectivity is a challenge.
03:02Footpaths is a challenge.
03:04Women's safety is a challenge.
03:07Environmental issues are a challenge.
03:09So all these were discussed in depth, both from an environmental issue, pedestrian moving
03:16issues, city issues, development and last mile connectivity on the thing.
03:22The second part of it was more on energy efficiency in terms of transport and other thing.
03:30So a lot of suggestions came from various people who are there in the committee for
03:34the purposes of how to create additional incentives for people to shift into electrical vehicles,
03:43buses, long term transport and create a more environmental friendly city.
03:50The third set of suggestions came from the ladies of the group who came from various
03:56NGOs and other activities which came.
03:59And there the focus was on women, women's employment, the incentive which has been given
04:06under the PMAY scheme, where the name of the woman has to be the first as far as the borrowing
04:12is concerned.
04:13And I think that they took very positively.
04:15So similarly, if safety and security is done in various cities, so there was a talk about
04:22mobility, there was a talk about women's safety and improvement of footpaths and how various
04:29examples can be done in terms of these improvements to the city.
04:33So that was the basic concept, details of various ideas of what is happening in housing
04:40and what are the rules and regulations and sections of income tax that need to be changed
04:46for the purposes of better thing was suggested for various activities that are done.
04:53What provisions in the law that need to be changed, what should be incentivized, different
04:58suggestions were given.