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.
The real estate industry is undergoing a technological transformation
The western phase of Pune Ring Road's land acquisition is expected to be completed by June end, paving the way for a real estate boom in the region.
The 'Real Estate Talk' app, brainchild of a UK-based entrepreneur with roots in Maharashtra, promises to connect buyers, sellers, and service providers like never before.
HSBC India provides green loan to Neovantage Innovation Parks, a life sciences real estate company in Hyderabad, to refinance existing debt.
Amitabh and Abhishek Bachchan have made a significant real estate investment by purchasing luxury properties worth ₹24.95 crore in Mulund, Mumbai, further expanding their already substantial real estate portfolio.
The Brihanmumbai Municipal Corporation (BMC) is revisiting its solid waste management bylaws with the aim of imposing a user fee and enforcing fines on bulk waste generators. This fee will be added to the property tax bill, contributing to better waste co