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CHENNAI.....Good investment opportunities in all the segment of the city. Commercial rentals is on fast trek. Residential segment also having very good demand from rural areas. Outskirts of the city is now more costly then CBD residential areas.   AHMEDABAD..... ..... Huge NRI funds were recently invested in residential segment of the city. Commercial too is feeling the heat. Residential rates are marginally up by 20% since last quarter. The trend is likely to continue.   BANGALORE...... ...IT and ITES are again in the buying spree. Residential complexes are getting good demand. NRIs investments are up again. Service apartment concept is catching up in the city. Commercial lease rentals are rising.   PUNE.... ... Pune is poised as IT centre by the developers. In fact many leading IT brands are in the city. It has enhanced the residential rates. Outskirts like Viman Nagar, Pimpari and Chinchwad also now having great demand. Good time ahead.   DELHI .... ...The market is slow for residential units. Noida and Gurgaon also have touched historic level. New zones are in the competition. Faridabad and Merut along with Rohtak are busy catering for demand in Delhi and NCR    MUMBAI.. ..... ..Realty Fund and investors of large real estate holdings are still maintaining the price level. Developing zones are feeling heat. Small pocket developers are also panic in the market. Residential prices stagnated as of now.

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MUMBAI IS SUFFERING FROM CRZ

By Pallavi Khanna

Considering the Mumbai’s population growth, the demand for land is increasing ever since and if Coastal Regulation Zone (CRZ) is restricting the growth of this international city. Tie and again many, who have been aggrieved are facing acute problem for developments. Out of total area 437sqkm, 133sqkm is in CRZ I, 100sqkm is in CRZ II, and 25 sq km is in CRZ III. Still, the land starved Mumbai is not having any relaxation in the CRZ norms.

Hotels in Juhu and Versova cannot execute their expansion programme neither Esselworld could expand because of CRZ. World over such environmental law are not with such a restriction. In Japan an Airport is floating on the water. Dubai is having massive construction plans for Palm Jumeriah Island on the sea.

Despite the fact that solid waste  disposal is not allowed in CRZ but Mumbai needs to disposal 6000 tones of solid waste per day. The missing links of the DP road prior to 1991 are not permitted & therefore transportation problem has become acute. Almost 134 slum pockets and 30 slum schemes are held up because of such restriction. Now MOEF’S approval for projects in CRZ is exceeding  to 5 crores which needs amendment, since Central Government approval are time consuming, the regulation needs urgent attention.

Development of Salt Pan lands in CRZ I, II, and III is almost 60% of the total area which is 2177 acres. The land can be used for development but because of CRZ, it cannot be utilized. Secondly, MHADA also cannot develop their dilapidated buildings because of CRZ. In its project at Gorai, which was financed by the world bank, the authority took seven years to clear the land and allowed construction.

After the gates opened for the FDI in real estate in India, it is eminent that these norms are relaxed. The need for the extra land is always hitting the city of Mumbai very hard, but the CRZ is restricting the development on its existing land.

Entire Dharavi is on the bank of MITHI River. And most of the parts are falling under CRZ. With the help of Prime Minister’s funds, Asia’s largest slum was started for redevelopment and ratification. The question arises, whether the re-development of Asia’s largest slum will be left with out imposing the CRZ?

Agency which is empowered to control Coastal Regulation Zone.

  • COASTAL     ZONE     MANAGEMENT     AUTHORITY.

  • URBAN  DEVELOPMENT   DEPARTMENT  GOVERNMENT   OF  MAHARASHTRA.

  • MPCB.

The activities which are affected due to Coastal Regulation Zone:

  • REDEVELOPMENT    OF   SLUMS  IN  CRZ   II and III.

  • DEVELOPMENT  OF Dilapidated BUILDINGS   IN  CRZ II.