Maharashtra government announces relief measures under Navi Mumbai Housing Revival Program

View of the metro lines running from the Navi Mumbai International Airport.

In an attempt to offer immediate relief to thousands of homebuyers and over 400 real estate projects in the region, the Maharashtra government’s ministry of urban development has introduced several measures under the Navi Mumbai Housing Revival Program.

The government will issue Occupancy Certificates (OC) to eligible projects out of the 94 stuck projects within a month after they receive clearance from the Maharashtra Coastal Zone Management Authority (MCZMA), minister of the urban development Eknath Shinde has announced.

The government will also follow up with MCZMA to clear the CZMP plan for Navi Mumbai.

Among other measures, the government has also extended the period for construction of additional areas under the Unified Development Control Promotion Regulations (UDCPR) up to four years.

The time extension certificates for up to three years by one application will also be issued.

The government has decided to defer the betterment charges in the Navi Mumbai Airport Influence Notified Area (NAINA).

In order to curb unauthorised constructions in NAINA, the Minister has directed the Maharashtra Real Estate Regulatory Authority (MahaRERA) to register the project only after the approval from town planning body CIDCO.

For administrative convenience, Deputy Collector, Land Acquisition (Metro Center), Panvel, Raigad, and Thane to be provided space for office at CIDCO’s Belapur office for speedy disposal of these cases. District Collector, Raigad has been directed to shift the office to that place. Orders from Revenue Department are awaited.

These measures are coming at a time when the entire real estate sector of Navi Mumbai has been asking for Government interventions to help them tide over issues plaguing the Navi Mumbai housing industry for the last 4-5 years, Credai MCHI said in a statement.

“CIDCO has always been at the forefront of efforts which are aimed at enabling sustainable growth in the Navi Mumbai region. It has introduced novel schemes like 12.5% land for PAPs, 22.5% land for acquisition, a zonal development plan for flexibility, etc. Very recently, it had taken some steps like reducing the interest rates from 18% per annum to the SBI PLR rate, allowing nine additional months for payment of dues considering the COVID pandemic, giving additional time to homebuyers to make their payments, affordable housing, etc. to achieve this goal,” said Sanjay Mukerjee, VC and MD of CIDCO Ltd.

“These decisions of the Government on the recommendation of CIDCO shall go a long way towards the achievement of our goal of a sustainable and greener Navi Mumbai region. These recommendations shall give a boost to the ailing real estate market and give it a new life. We are also hoping that the developers shall pass the benefit to the ultimate homebuyer, thereby fulfilling our commitment towards the welfare of the common man and the last citizen,” he said.

“With the introduction of these new relief measures by minister Eknath Shindeji, the impediments faced by the housing industry will get removed and Navi Mumbai will now become the preferred choice for home buying in the MMR region. The issues resolved by the Urban Development Ministry will help Navi Mumbai developers to execute their projects seamlessly and reduce the ongoing financial burden caused due to rising input costs and an increase in repo rate last week. Thousands of homebuyers who were not getting possession of their flats due to the CRZ issue will also get immediate relief,” said Boman Irani, President CREDAI-MCHI.

“Hundreds of small developers whose affordable projects were severely hit due to ALP issues will get relief in the medium term. As an industry body, we will encourage our members to pass on financial gains, if any due to the relief measures, to home buyers,” said Navi Mumbai developer and Task Owner of CREDAI-MCHI for CIDCO, Raajesh Prajapati.