Navi Mumbai: Maharashtra Government constituted a four-member expert committee for stalled realty projects in Navi Mumbai

Navi Mumbai News : The Maharashtra government has constituted a four-member expert committee to streamline the process in the real estate department in Navi Mumbai. It has more than 200 real estate projects with an estimated value of over Rs 1 thousand crore. About 1 thousand 200 home buyers have invested this amount in these real estate projects. The committee will look into development related aspects and suggest solutions to infrastructure development issues related to real estate in Navi Mumbai area and will prepare a report within three months. is Who have served or are currently serving in the Government of Maharashtra. It also includes representatives from Confederation of Real Estate Developers Association of India (CREDAI) – Maharashtra, the apex body of developers. Chamber of Housing Industry (MCHI) and Builders Association of Navi Mumbai (BANM) are also involved. This committee has been formed to clear many stalled real estate projects in Navi Mumbai area. Various processes such as development of roads, water supply and other basic infrastructure are expected to be speeded up based on the recommendations of the committee. The City and Industrial Development Corporation (CIDCO), the planning authority of Navi Mumbai, had allotted land on lease to various real estate developers to develop residential and commercial projects. CIDCO is responsible for building the necessary infrastructure and civic amenities in these plots and their adjoining areas. In addition to this despite the fact that developers have taken various plots and completed their projects on time in some places, CIDCO has not completed basic facilities like roads, water and other facilities, which is ultimately delaying the approval of Occupancy Certificate (OC).

Standed. Will help restart projects 

Over 200 projects have been delayed and stuck due to delays in providing basic infrastructure. Due to which the additional lease premium has increased significantly in recent times. As a result they have stopped. Rajesh Prajapati, Convener of CIDCO Task Force of CREDAI-MCHI informed that the work in various projects is affecting the home buyers. According to Prajapati, around 1,200 to 1,500 home buyers are stuck with around Rs 1,000 crore. There is a need to proactively suggest how to rationalize the rising cost of premium/penalty to provide relief to the real estate industry in Navi Mumbai. This will help in the resumption of various stalled projects and pave the way for home buyers to take possession of the stalled projects. 

Commenting on the formation of the committee, CREDAI-MCHI Chairman Boman Irani said that we at CREDAI-MCHI Navi Mumbai And a task force was formed to try to solve the problems faced by our developer members working in Raigad area. To solve these problems Maharashtra Govt is setting up a committee. We have nominated Rajesh Prajapati from MCHI and Architect Keval Valambia as members of this committee. In this regard, CREDAI has said that this decision of Chief Minister Eknath Shinde will give practical strength, along with this, he has also expressed the belief that it will help the home buyers as well as the real estate industry in Navi Mumbai. During the 1970s, the construction of the city of Navi Mumbai began. There was a plan to shift the administrative headquarters of the Maharashtra government from South Mumbai to Navi Mumbai. However, that plan remains only on paper.

 

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