Navi Mumbai Real Estate Including Over 400 Impacted Projects to Gain From Steps Planned by Maharashtra Government

A plethora of pro-real estate initiatives being drawn up by the Maharashtra Government may help thousands of Navi Mumbai households, property investors, and over 400 real estate projects.

In an effort to bring immediate assistance to thousands of homebuyers and over 400 real estate projects in the area, the Maharashtra government’s ministry of urban development has adopted numerous steps under the Navi Mumbai Housing Revival Program.

The government would award Occupancy Certificates (OC) to qualifying projects out of the 94 stalled projects within a month after they gain permission from the Maharashtra Coastal Zone Management Authority (MCZMA), minister of the urban development Eknath Shinde has said.

The government would also follow up with MCZMA to approve the CZMP plan for Navi Mumbai.

Among other measures, the government has also extended the term for building of new areas under the Unified Development Control Promotion Regulations (UDCPR) up to four years.

The time extension certificates for up to three years by one application will also be provided. The government has agreed to delay the improvement costs in the Navi Mumbai Airport Influence Notified Area (NAINA) (NAINA).

In order to limit unlawful buildings in NAINA, the Minister has asked the Maharashtra Real Estate Regulatory Authority (MahaRERA) to register the project only after the consent from town planning agency CIDCO.

For administrative convenience, Deputy Collector, Land Acquisition (Metro Center), Panvel, Raigad, and Thane should be allocated space for office in CIDCO’s Belapur office for rapid resolution of these matters. District Collector, Raigad has been asked to transfer the office to that area. Orders from Revenue Department are awaiting.

These steps are coming at a time when the whole real estate sector of Navi Mumbai has been begging for Government involvement to assist them tide over challenges afflicting the Navi Mumbai housing market for the past 4-5 years, Credai MCHI said in a statement.

“CIDCO has always been in the forefront of measures which are aimed at enabling sustainable development in the Navi Mumbai area. It has proposed unique plans including 12.5 percent land for PAPs, 22.5 percent land for purchase, a zonal development plan for flexibility, etc. 

Sanjay Mukerjee, VC and MD of CIDCO Ltd., stated the company recently reduced interest rates from 18 percent per year to the SBI PLR rate, allowed nine more months for payment of dues due to the COVID epidemic, gave homeowners more time to make payments, and provided inexpensive homes.

“These government choices on CIDCO's proposal would help us achieve our goal of a greener Navi Mumbai. These initiatives will revive the real estate industry. We want developers to pass on the benefit to homeowners, fulfilling our commitment to the ordinary man, he said.

“With the implementation of these new relief measures by minister Eknath Shindeji, the hurdles encountered by the housing sector would be erased and Navi Mumbai will now become the preferred option for property purchase in the MMR area. The concerns fixed by the Urban Development Ministry would assist Navi Mumbai developers to execute their projects smoothly and lessen the continuing financial pressure imposed owing to increased input prices and an increase in repo rate last week. Thousands of homebuyers who were not obtaining possession of their apartments owing to the CRZ problem would also receive instant relief,”