Realty Bill may open new doors to transparent, secure home buying
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For many, buying a residential property is the biggest investment they make in their lifetime. Last week, the government released for public comments a draft Real Estate Regulation Bill, which is said to be on …

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Jet Airways partners with Godrej for BKC plot

Submitted by on Thursday, 15 July 2010No Comment

pic no.a123Maharashtra government has convinced the Centre to relax the Coastal Regulation Zone norms for the redevelopment of about 150 slum clusters and 4,000 old and dilapidated buildings in the western suburbs, including the gaothans and koliwadas that had so far been kept out of the redevelopment pie.

Such projects will be allowed if undertaken by government agencies in joint ventures with private developers. A housing stock of about 5 lakh houses, in prime areas with views of the coastline, could be made available thus in the coming years.

There are 150 slum clusters and 4,000 old and dilapidated buildings in the CRZ II area from Versova in the western suburbs to Cuffe Parade in the island city. The Centre has agreed to allow redevelopment of these structures by government agencies in collaboration with private players.

The existing Development Control Rules prior to 1991 had put a cap on the use of FSI: 1.3 in CRZ II. Now this has been relaxed and the FSI prevailing in the area of redevelopment can be used.

The Centre’s draft CRZ rules, 2010, allowed for redevelopment of dwellings in areas affected by CRZ-II norms, but with the rider that only government agencies could undertake such projects.

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