Builders say it’s a boost for real estate as 15 projects were stopped for six months

With the high court vacating its stay on stalled permissions to development projects along Ghodbunder Road, the real estate market is looking forward to a better Diwali after a lag of six months.

While the stay was in place, the corporation had not given occupation certificates (OC) to 68 buildings and commencement certificates (CC) to almost 20 projects. All these constructions will now get the go-ahead.

After locals faced an acute water crisis last year, Thane resident Mangesh Shellar filed a public interest litigation (PIL) in the high court blaming the civic body’s poor planning for this. He also spoke about the haphazard way in which the civic body granted permission for new constructions along the road. Following this, the court had stalled permissions to new constructions along Ghodbunder Road in May. The court also asked the corporation to file an affidavit, listing the water connections and occupation certificates it provided in the past five years.

The corporation submitted its affidavit last month, saying the city had enough water to provide for the tenants of all new constructions and it had not received a single complaint of water scarcity. The court vacated the stay based on this.

“This is good news. Real estate in Thane has been suffering since May, which is usually the peak time for sales, as most families take possession of their homes in before the start of new academic year. However, most constructions did not get OCs owing to the stay. Many people paid 90% of their deposits but could not get their flats owing to the PIL filed by just one person,” said Jitendra Mehta, secretary, Maharashtra Chamber of Housing Industries, Thane unit.

He said the developers could not fulfil their commitments to homebuyers. Homebuyers also had to pay unnecessary interest owing to the delays. “We cannot calculate the total loss, but business was also hit as no new projects could be launched. The only silver lining was that the corporation has taken the issue of water supply along Ghodbunder Road seriously after the PIL. We hope that with the stay vacated, the real estate market will be better this Diwali,” he added.

The town planning department said the new projects will come under Maharashtra Real Estate Regulatory Authority and will be registered once more.

“We did not face any major revenue loss as the OC fees were paid in advance. Around 15 projects were stalled for six months owing to a lack of CCs. Following the court’s order, we will start reissuing these permissions according to the norms,” said Pradip Gohil, assistant director town planning.

Read all Thane Real Estate Latest News

To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com