New policy soon for stalled redevelopment projects in Mumbai: Maha CM

Maharashtra Chief Minister Eknath Shinde informed that a new policy will be decided after a comprehensive review of stalled redevelopment projects in Mumbai. A meeting was held on Thursday at the Sahyadri State Guest House under the chairmanship of the Chief Minister along with a delegation of residents of stalled redevelopment buildings in Dadar area. The Chief Minister was speaking in this meeting.

Giving instructions during the meeting, the Chief Minister said that there is a need to define a policy regarding the stalled redevelopment projects in Mumbai and we have started working towards this.

Mr. Sandeep Runwal

Applauding the move, Mr. Sandeep Runwal – President, NAREDCO Maharashtra said, “Stalled redevelopment projects have become a bane for so many residents of Mumbai. These residents are deprived of the basic necessity of shelter. They have to make ends meet to support themselves and their families amidst the rent payout, bank EMIs, etc. This is a great initiative taken by the Chief Minister and we at NAREDCO Maharashtra are looking forward to working together in finding a quick and lasting solution.”

Mr. Vivek Mohanani,

Reiterating the same, Mr. Vivek Mohanani, Managing Director & CEO, Ekta World Limited said, “This is a welcome move taken by the Chief Minister Shri Eknath Shinde ji. The aftermath of the pandemic and the liquidity crunch faced by the housing industry thereafter, saw a number of such redevelopment projects getting stalled. Residents of these redevelopment projects are the worst sufferers in the given situation and have to bear the brunt for no fault of theirs. We stand with the government in trying to alleviate their suffering and hope to find an immediate solution.”

Due to stalled redevelopment for the past several years, these original homebuyers in Mumbai had to move out of Mumbai. We are trying to pay attention to this as a government. The Chief Minister also said on this occasion that we are also trying to see how the stalled redevelopment can be completed through other mechanisms.

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