Redevelopment activity in Mumbai is set to gain momentum, with 698 revamp proposals set to get the green light in the next two months.
To speed up revamp projects for old buildings and slums which have been paralysed for long, the state government has given a deadline to the Brihanmumbai Municipal Corporation (BMC), Maharashtra Housing and Development Authority (Mhada), the collectorate and other agencies, to issue their respective annexure II certificates by March 2, for redevelopment.
According to state housing minister Prakash Mehta, the agencies have been asked to clear the long-pending certificates that have been holding up the revamp process. “We have asked all the relevant agencies to issue annexure II certificates, so that the process can be speeded up. The whole process has been put on hold due to the non-issuance of these eligibility certificates,” said Mehta. “There are some problems and we will need to issue some government resolutions, which we are ready to do,” said Mehta.
Annexure II is the certified list indicating those who are eligible for or entitled to redevelopment benefits. The approvals are not processed until this certification is issued by the competent authorities.
In the past two years, many of the projects have been held up, as various agencies have been dragging their feet in the matter.
Builders have welcomed the move, saying it is imperative to push the process of redevelopment.
“The pending projects will get a fresh lease of life and this will result in the generation of a huge stock of houses for the city. This can also result in correction of prices,” said Shadaab Patel, chairman and managing director, Platinum Constructions Private Limited.
In the past few years, redevelopment activity in the city has witnessed a slowdown. Various issues such as pending approvals, monetary matters as well as low sales have contributed to this slump.