In a significant development for the real estate sector in Navi Mumbai, Chief Minister Eknath Shinde has directed the City and Industrial Development Corporation (CIDCO) to expedite the issuance of pending occupancy certificates (OCs), conveyance, and No Objection Certificates (NOCs) for over 1000 housing societies, benefiting around 10,000 homeowners.
The Abhay Yojana, announced by the Chief Minister, aims to streamline the process and provide relief to both homeowners and developers. The initiative delinks the recovery of surplus amounts, offering a 50% amnesty on the compensation (Maveja) and additional lease premium (ALP) payable for buildings facing delays until March 31, 2023.
Developers and industry representatives, notably the Confederation of Real Estate Developers’ Associations of India – Maharashtra Chamber of Housing Industry (CREDAI-MCHI), have applauded the government’s proactive measures. CREDAI-MCHI actively engaged with the government, leading to the formation of a committee to address concerns and streamline the process.
The Abhay Yojana is expected to benefit numerous stalled projects, providing a much-needed boost to the real estate sector in Navi Mumbai. The government’s decision is particularly timely, considering the challenges faced by developers within the stipulated construction period.
As the real estate industry anticipates a positive impact on project clearances, there is hope for an extension of the deadline beyond March 31, 2024. The move is not only set to alleviate the burden on homeowners and developers but also contribute to the overall enhancement of the real estate environment in the region.
