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CIDCO grants relief to Navi Mumbai real estate industry

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CIDCO grants relief to Navi Mumbai real estate industry

The infrastructure of the Navi Mumbai region has already seen a radical change as a result of the efforts of the Maharashtra Chief Minister to eliminate the bottlenecks that had been hurting the area. Dr. Sanjay Mukherjee, VC and MD of Cidco, and Raajesh Prajapati, task owner of CREDAI-MCHI, recently met at Cidco Bhavan, where Cidco shared information regarding some significant decisions made in relation to the earlier mentioned relief measures. The committee’s recommended actions will now be put into action, accelerating the rapid growth of the region’s development process.

The procedure was started back in May 2022 when CREDAI-MCHI, Cidco, and the GoM announced some significant relief to the Navi Mumbai real estate market as part of the “Navi Mumbai Housing Revival Program.” The implementation was carried out at a time when the state’s government was undergoing changes. The term of 4 years for the construction of all plots taking additional FSI under UDCPR has been extended, a modified agreement has been executed in accordance with UDCPR, and Cidco has approved the issuing of an airport NOC, among other significant adjustments. In addition to these, letters have also been sent to MahaRERA requesting that it deregister illegal projects, including those in the NAINA region. Real estate continues to offer an excellent inflation hedge in MMR, and such measures continue  to further boost the growth of the market in the region.

Sanjay stated, “As a progressive organisation, CIDCO is pleased to announce that the majority of the planned relief measures under the “Navi Mumbai Housing Revival Program” have been put into effect, while others are still awaiting state government approval. These actions will undoubtedly boost Navi Mumbai’s real estate market. CIDCO has taken the lead in working as a catalyst to improve Navi Mumbai’s business environment in a positive way.

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“MMR has witnessed a spike in sales this year, surpassing the sales made previous year,” said Boman Irani, president of CREDAI-MCHI. Since Navi Mumbai is a troubled city, we are pleased that as an association we were able to draw attention to the problems in the real estate sector and work to have them remedied.

According to Prajapati, the Navi Mumbai real estate market was experiencing extreme stress as a result of various issues. We appreciate the Hon. Chief Minister Shri Eknath Shinde Ji’s careful and conscientious handling of the problems. These relief measures will significantly contribute to the real estate market’s recovery, which has already shown growth in Navi Mumbai and is assisting thousands of homebuyers in obtaining their apartments. We ask the GoM to rapidly implement the Cidco’s ideas so that future communities like Dronagiri, Pushpak Nagar, etc. can profit from them.

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