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Supreme Court orders re-development of properties in Mumbai

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As per to the sources saying @ the www.propertykhazana.com, SC ruled against Bombay High Court directive confining redevelopment of sealed land in Mumbai. Sealed Lands are those constructed in 1960 and the Govt. was collecting tax from inhabitants for renovating these buildings. SC order will begin with 225 acres in the island city and will observe re-improvement of about 18,000 rundown buildings and realty rates can fall by 40% in some of the cities. This move will benefit more than 2 Million people residing in chawls says PRA.
Two-member benches of Justice Pasayat and Justice Sadashivan of the Supreme Court kept aside the order of Justice Gokhale of the HC and the court surrendered all HC compulsory limits, which comprise required open space, MHADA certification and approvals from new committees.
Going through the SC order, builders are positive regarding the renovation proposals. Pujit Aggarwal, Chairman and MD of Orbit Corporation and envoy for PRA said to www.propertykhazana.com that, “Out of 19,642 sealed buildings, only 1,000 rundown buildings have been renovated till now and Legal occupant has to avail the possession of apartments with bathrooms and toilets. We feel that the SC‘s progress is a blast in the limb. As funds to Rs. 1 Lakhs Crores is likely to be invested in the renovation procedure in coming 10-15 years and we are proposing to invest Rs. 2,000 Crores in Greenfield Redevelopment of rundown buildings in Central mill land area. The realty market in Mumbai will now witness the open of at least 50 realty schemes each month.”
Source: NBTVLIVE

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