Rising plot prices: Builders to meet CIDCO MD, plan PIL | india | Hindustan Times
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Rising plot prices: Builders to meet CIDCO MD, plan PIL

The builders claim that the rise in land prices has been fuelled by CIDCO's faulty policies, reports G Mohiuddin Jeddy.

india Updated: Nov 13, 2006 06:04 IST

Shocked at the record bid of Rs 2,01,362.67 per sqm on Friday, for a plot near Vashi station, Navi Mumbai builders have decided to take up the issue of land allotment by City Industrial Development Corporation (CIDCO), the nodal agency of Navi Mumbai. The Navi Mumbai Chamber of Housing (NMCH) has decided to meet CIDCO Vice Chairman and Managing Director N Ramarao. It is also planning to file a Public Interest Litigation (PIL).

The builders claim that the rise in land prices has been fuelled by CIDCO's faulty policies. Says Manohar Shroff, NMCH Trustee, "As per the demand in Mumbai, there is a requirement of around 5 lakh sqm of land, annually. CIDCO however allots only around 1.25 lakh sqm, which is just 25 per cent of the actual demand."

Added Rajesh Prajapati, Prajapati Builders, "CIDCO wants to create an artificial shortage and through land rationing to ensures that its coffers are full."

The NMCH will ask CIDCO for details of the land offered on lease in the last decade. "This information will help us. We then plan to file a PIL in the court, asking CIDCO to speed up the process of allotting land on lease," said Shroff.

Concluded Prajapati, "Flats are beyond the reach of the common man. Soon, commercial premises will become unaffordable. Unless CIDCO revises its strategy, we could be staring at a real estate collapse."

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