A major respite for developers in Navi Mumbai as the City and Industrial Development Corporation Limited (CIDCO) gives 9 months extension to complete the ongoing project which was delayed due to a sudden lockdown in March across the country.
Developers' body expressed happiness over the decision and termed it is a huge relief for them as they are already going through a difficult phase.
Thousands of ongoing projects stopped after a nationwide lockdown was imposed on March 24 due to the outbreak of the pandemic.
The construction work of all ongoing projects also halted. Initially, developers provided food and shelter to construction works in an initial couple of months workers. However, the lockdown was lingered due to the spread of the virus more than it was perceived and workers returned to their hometown due to uncertainty on the resumption of work.
The board meeting of CIDCO held on September 29 decided to provide a nine months extension for the completion of ongoing works. The period of additional none nine months will begin from December 21. CIDCO issued a press note on Wednesday about the decision.
The CIDCO took the decision following developers’ body from Navi Mumbai made an online presentation to newly appointed managing director Sanjay Mukherjee last month.
As per the Navi Mumbai Disposal of Lands (Amendment) Regulations, 2008, developers have to pay a premium if the projects get delayed or they seek an extension to complete an ongoing project.
However, this year, due to the pandemic, all the ongoing projects got delayed. According to developers’ bodies, they faced a number of problems from labour to construction material due to nationwide lockdown.
Prakash Baviskar, president of MCHI CREDAI Navi Mumbai says that the decision is a big relief for developers. “Different bodies representing developers in the city came together and put their demands before CIDCO administration. This is a big relief and wins for the developers,” said Baviskar. He added that we have more demands which we expect the planning agency will address.