August 24, 2018

The decision will permit unused industrial areas or closed industries in satellite townships to be used for malls, residential areas and commercial houses with the approval of the civic commissioner

The state urban development department has opened large tracts of industrial land in the Mumbai Metropolitan Region (except Mumbai) for residential and commercial development.

The decision will permit unused industrial areas or closed industries in satellite townships to be used for malls, residential areas and commercial houses with the approval of the civic commissioner.

The developer will be charged a premium equivalent to the ready reckoner rate of the plot.

A notification was issued by state’s urban development department (UDD) for corporations of Thane, Kalyan-Dombivali, Ulhasnagar, Bhiwandi and Mira-Bhayandar as they have common Development Control Regulation rules – norms for construction and urban planning in an area. A separate notification was issued for Navi Mumbai.

According to the UDD directive, out of the total Floor Space Index (FSI) utilised for the development, a minimum of 25 per cent will have to be reserved for commercial development.

The notification also made it clear that in cases where the land had been originally acquired under the Land Acquisition Act, permission of the state government will be required.

This is being seen as a windfall for real estate developers ahead of the 2019 polls, as it will open up several plots for development.

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Source:realty.economictimes.indiatimes.com