Maharashtra government has formed a committee to streamline various real estate processes

In a move to streamline the processes of the real estate segment in Navi Mumbai, the Government of Maharashtra has formed an expert four-member committee. This committee will comprise the former Chief Secretary, Principal Secretary, UD-II, Joint Managing Director, CIDCO and representatives of CREDAI-MCHI-BANM. The committee will take care of development-related aspects and suggest solutions to any problem in real estate related infrastructure development.

Dr Sanjay Mukherjee, Vice Chairman & Managing Director of CIDCO, said, “CIDCO has always been at the forefront in providing innovative solutions for the betterment of the real estate industry in Navi Mumbai. Recently under the guidance of Chief Minister of Maharashtra Eknath Shinde, we have inaugurated the Ease of Doing Business Cell for the benefit of real estate developers and home buyers, which will bring more transparency in the functioning. This move will help expedite various projects and pave the path for the rapid development of the real sector in Navi Mumbai and adjacent areas.

CIDCO has allotted land parcels on lease to various real estate developers to create residential and commercial projects. At the same time, CIDCO will be responsible for bringing the required infrastructure and civic amenities to these plots and their immediate vicinity. However, despite the developers completing their projects on time at various plots and locations, basic infrastructure like roads, water and other basic amenities is taking time, eventually delaying the OC clearance.

Boman Irani, President of CREDAI MCHI, stated, “We at CREDAI-MCHI had formed a Task Force to try and resolve the issues faced by our developer members working in Navi Mumbai & Raigad regions. We are glad that the Government of Maharashtra is forming a committee to resolve these issues. We have nominated Raajesh Prajapati and Ar. Keval Valambhia to become members of this Committee. On behalf of all members of CREDAI-MCHI, we profusely thank Chief Minister of Maharashtra Eknath Shinde, who has been the force behind this pragmatic decision which will be helpful to the home buyers as well as the real estate industry of Navi Mumbai.”

Raajesh Prajapati, Convenor of CIDCO Task Force of CREDAI -MCHI, said, “Many projects were delayed due to the delay in providing basic infrastructure, leading to a massive increase in Additional lease Premium in the recent past leading to stoppage of work in various projects thus affecting the home buyers. We are happy that the Government of Maharashtra has accepted our recommendation and formed a committee in which I shall be representing developers of Navi Mumbai on behalf of CREDAI-MCHI and will actively provide suggestions on how to rationalise the spiralling cost of premiums/ penalties and provide relief to the real estate industry in Navi Mumbai. This move will help restart various stuck projects and clear how to give possession to various home buyers in projects held up due to delay in resolution of premium issues by CIDCO.”