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Mumbai: Industrial policy helps unlock land for housing projects in Thane-Navi Mumbai

As per official data, the state government is expected to unlock nearly 8,000 acres of land in Thane-Navi Mumbai area as per a new industrial policy for housing projects.  From a total of 124 special economic zones cross the state, corporate firms are required to unlock 40% of their land. This will amount to nearly 35,000 acres in Mumbai.

 

While this brings good news to the residential real estate market in Mumbai, it remains to be seen whether this new policy is effectively implemented.  As per this policy, corporate firms are required to first develop industrial operations and then sell residential area. However, as per some activists, in reality, these firms can sell residential projects even after only one third of the area is constructed for industrial purposes. While speculations have already started to surface, there are always those optimists who believe that this policy will bring relief to the market for property prices might reduce a bit in South Mumbai once supply of land increases.

About Sanjit Sharma

Sr. Online Marketing Executive with Favista Real Estate Pvt. Ltd.
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