A four-member committee has been set up by the Maharashtra government to fast-track processes such as developing roads, water supply and other basic infrastructure that impact the real estate sector in Navi Mumbai, people familiar with the matter said.
The committee led by former chief secretary Sanjay Kumar also includes the principal secretary (II) of the urban development department and representatives of real estate developer bodies such as the CREDAI-MCHI, an apex body comprising members from the industry from the Mumbai Metropolitan Region.
“The recommendation to form the committee was made to the government to rationalize the spiralling cost of premiums/ penalties levied on projects failing to meet the deadline by CIDCO. Through this committee, developers are expected to revive various projects stuck at various stages and this will come as a major relief for prospective buyers waiting for possessions,” said Raajesh Prajapati, convener of City and Industrial Development Corporation (CIDCO) Task Force of CREDAI -MCHI.
The committee comes against the backdrop of complaints that delays in the completion of development projects were seen to be leading to an increase in premiums and creating uncertainties in handing over possession of projects to buyers.
CIDCO, which has allotted land parcels on lease to real estate developers to create residential and commercial projects, is also responsible for building the required infrastructure and civic amenities. “Despite developers completing their projects on time at various plots and locations, basic infrastructure such as roads, water and other basic amenities is taking time, eventually delaying the occupancy certificate clearance. It’s in such a situation as well as the confusion that keeps arising from legal aspects that will get sorted out with the formation of the committee,” said Bhumiraj Constructions chairman Bhupendar Shah.
{{/usCountry}}CIDCO, which has allotted land parcels on lease to real estate developers to create residential and commercial projects, is also responsible for building the required infrastructure and civic amenities. “Despite developers completing their projects on time at various plots and locations, basic infrastructure such as roads, water and other basic amenities is taking time, eventually delaying the occupancy certificate clearance. It’s in such a situation as well as the confusion that keeps arising from legal aspects that will get sorted out with the formation of the committee,” said Bhumiraj Constructions chairman Bhupendar Shah.
{{/usCountry}}CIDCO vice chairman and managing director Dr Sanjay Mukherjee said: “Recently an ease of Doing Business Cell for the benefit of real developers and homebuyers has been set up which will bring more transparency in the functioning. The move to have a committee will further help expedite various projects and pave the path for the rapid development of the real sector in Navi Mumbai and adjacent areas”.