The City and Industrial Development Corporation (CIDCO) special planning authority of Navi Mumbai, on January 19 said that it has included a provision in its building reconstruction policy wherein a building can be redeveloped with the consent of only 51 percent of members of a housing society instead of the earlier 100 percent. This is expected to boost the redevelopment of 400 buildings in Navi Mumbai.
According to the amended policy, in order to obtain permission for the reconstruction of a building, 51 percent of the total members of the housing society will be required to submit their written consent in the form of an affidavit to CIDCO.
Barring this change, the rest of the terms and conditions of the Policy will remain the same. This will pave the way for the reconstruction of buildings constructed on CIDCO plots in Navi Mumbai.
The CIDCO said that generally plots are allotted on lease by CIDCO, subject to the provisions of the Navi Mumbai Disposal of Land (amendment) Regulations, 2008 (earlier, New Bombay Disposal of Land Regulations, 1975).
Also read: Cidco to auction 14 plots in Navi Mumbai at a base price of over Rs 146 crore
The lease agreement includes the terms and conditions like obtaining development permission, commencement and completion of construction, an extension of the construction period, use of plot, service charges, etc. As per the lease agreement, the plot is leased to the housing society for a period of 60 years only and CIDCO has ownership rights over the plot and the construction done on it.
For this, the housing society needs to obtain prior written permission from CIDCO for demolishing the existing structure and constructing a new building in its place. In order to facilitate the faster reconstruction of old buildings on CIDCO plots in Navi Mumbai, this important decision has been taken under the guidance of Dr. Sanjay Mukherjee, VC & MD, CIDCO, CIDCO said in a statement.
Also read: Navi Mumbai: CIDCO to mop up Rs 1,355 crore from e-auction of 22 plots
Real estate developers welcomed the decision:
Raajesh Prajapati, Founder President, Maharashtra Chamber of Housing Industry- Confederation of Real Estate Developers' Associations of India (MCHI-CREDAI), Raigad, said, "This is a good & rational decision by CIDCO and will immediately help more than 350-400 buildings in the process for redevelopment. These buildings in Navi Mumbai are located in micro-markets of Nerul, Vashi, Koperkhairane, Ghansoli, Jui Nagar, Airoli, Turbhe, New Panvel, Kalamboli, etc."
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