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Mumbai: Developers fear losses in real estate sector

12:26 AM Aug 05, 2021 | Staff Reporter
POP idols released in Thane creek by TMC may affect Flamingo sanctuary

The CREDAI MCHI has written a letter to the Maharashtra and central government to intervene in the Environmental Ministry’s final notification on the 10km eco-sensitive zone (ESZ) around the Thane Creek Flamingo Sanctuary in the Mumbai Metropolitan Region (MMR). The developers' body believes that the delay in issuing the new notification could impact over 500 real estate projects worth over Rs 5 lakh crore. To prevent these it is necessary to take immediate steps.

The body, comprising 1,800 members, has claimed that the delay could lead to the loss of livelihood for over 5 lakh construction workers. And, many developers are not expected to receive their commencement certificates to undertake construction activities in a timely manner under the revised norms.

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With over 15 wards covered in the 10km buffer zone, projects in key infrastructural development areas, including Mulund, Chembur, Andheri (East), Bandra (East), Parel and Matunga, amongst others, are bound to face roadblocks. After the non-extension of stamp duty rebate, it believes that this move will come as a huge blow to the entire developer fraternity.

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CREDAI MCHI president Deepak Goradia, commented, "This will be a huge setback to the already struggling MMR real estate and infrastructure industry post the non-extension of stamp duty rebate. This will adversely impact multiple residential projects across the region. We also believe this move will negatively affect the entire ecosystem as well as Maharashtra’s economy owing to the industry’s strong multiplier effect. Therefore, the state and central government should come forward and take necessary action with regards to this notification and ensure a conducive building environment for developers."

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