The National Green Tribunal's directive has become a pivotal juncture for Mumbai's real estate sector, halting around 200 projects across the city's metropolitan region, particularly those within a 5-kilometer radius of key ecological zones.
Mumbai Real EstateEcosensitive ZonesNgt DirectiveEnvironmental ClearancesSanjay Gandhi National ParkReal Estate MaharashtraJan 01, 2025
The NGT directive mandates that real estate projects exceeding a built-up area of 20,000 square meters within a 5-kilometer radius of eco-sensitive zones must obtain environmental clearances from central authorities instead of state authorities.
The affected eco-sensitive zones include the Sanjay Gandhi National Park in Borivali, the Flamingo bird sanctuaries in Thane and Navi Mumbai, and the Tungareshwar Wildlife Sanctuary in Vasai-Virar.
The directive has led to regulatory uncertainty and delays in project approvals, causing significant financial ramifications for developers due to rising costs and extended timelines.
CREDAI-MCHI, the builders' association, has highlighted that the blanket implementation of the directive has failed to consider Mumbai's unique urban landscape, where eco-sensitive zones often overlap with high-density populations.
Developers have petitioned the Supreme Court for a temporary suspension of the directive and are calling for interim measures, such as allowing state-level hearings during the transition period.
Capital values in premium localities of Goa, Chandigarh Tricity, and Kochi are now almost at par with key markets in Delhi-NCR and Mumbai Metropolitan Region.
The government has clarified that a 1% TDS will apply on property sales over Rs 50 lakh, even with multiple buyers or sellers.
Signature Global, a prominent real estate firm listed on stock exchanges, is gearing up to launch housing projects worth Rs 50,000 crore over the next three years. The company's chairman, Mr. Aggarwal, unveiled these ambitious plans during a recent invest
ASAS Real Estate, a subsidiary of Sharjah Islamic Bank, has officially launched phase two of the Sajaa Industrial Lands project, aiming to further boost industrial development in Sharjah.
Experts believe that the growth of the private capital market in India, including venture capital, private equity, and private debt, will be driven by new age businesses and a vibrant startup ecosystem.
Mumbai city, under the jurisdiction of the Brihanmumbai Municipal Corporation, witnessed a significant rise in property registrations in January, with a total of 12,249 registrations.