With the City and Industrial Development Corporation (CIDCO) easing the 'Consent' clause while undertaking the redevelopment of old and dilapidated buildings in the satellite city, more structures are now seeking permission for redevelopment. Developers acknowledge that this new rule will boost the redevelopment process. However, they highlight that the redevelopment of buildings is still in its initial stages in Navi Mumbai, prompting many to adopt a 'wait and watch' policy.
New era of development and rejuvenation in Navi Mumbai
In a bid to usher in a new era of development and rejuvenation in Navi Mumbai, CIDCO announced a ground-breaking decision to ease the consent clause for the redevelopment of dilapidated buildings. As per CIDCO, a building can now be redeveloped with consent of only 51% members of a housing society prior to the earlier 100%.
The decision comes as a response to the growing need for urban renewal and modernisation in the city, where ageing structures have impeded progress. The eased consent clause is a game-changer for both property owners and developers, as it simplifies the process of obtaining consent from all stakeholders involved in a redevelopment project.
The irrevocable consent letter requires members to sign, acknowledging their consent for redevelopment. As the name implies, this written document signifies the members' agreement to proceed with the demolition of their existing building and the construction of a new one.
Consent requirement reduced from 70% to 51% for redeveloping small buildings
In the case of redeveloping small buildings with fewer than 11 flat owners, the consent requirement has been reduced from 70% to 51%. Most of the private smaller buildings registered under the Maharashtra Apartment Ownership Act (MAOA) shall now stand to benefit.
"The government-made buildings require redevelopment considering the 'health' of the structure and the new rule will definitely boost the process. However, buildings made by private developers will take some time for redevelopment for many reasons since they (the structures) are in good shape," said a noted developer not wishing to be named.
He added that existing members are not happy with new area offered by developers while the latter also think and feel that they are not getting their due and want more carpet area than what is being offered. “Builders and industry experts are maintaining a lot of wait and watch hoping that they will get a deal which can be beneficial for them as well as stakeholders. Also, the premium being offered is very high and the availability of new realty is good with the MIDC opening up," the developer added.
Real estate market witnessing a boom
Echoing similar feelings, another developer said that the real estate market is witnessing a boom and with the easing of the consent norm, more and more buildings will look forward to demolishing the old structure and constructing a new one.
Meanwhile, a senior CIDCO official, on condition of anonymity, said that the planning agency has handed over the nodes to Navi Mumbai Municipal Corporation (NMMC) and Panvel Municipal Corporation (PMC) which is now accepting the applications for redevelopment. “CIDCO is not responsible for giving or denying permission to any building seeking redevelopment,” the official added.
When contacted, a PMC official said that they have received 2-3 applications from CIDCO-constructed buildings seeking redevelopment. However, the official could not reply on how many private developer-built buildings have approached PMC for redevelopment. All efforts to contact NMMC officials proved futile.