National Green Tribunal

Recently, the NGT (National Green Tribunal) has imposed stay on the permissions of all new building construction which comes in the vicinity of the Sanjay Gandhi National Park and it is expected that this move can leave negative impact on the several proposed real estate projects which are in the western and eastern suburbs of Mumbai and Thane district. But still it’s not specified that exact how much area around the national park comes under this decision and due to that according to reports NGT stay on new construction which is around the Sanjay Gandhi Park.
The National Green Tribunal has directed the municipal authorities of Mumbai to not to grant any permission for further construction until National Board of Wild Life or Union Ministry of Environment and Forests  both notify a proposal of the state government to declare that all area around the national park are an eco-sensitive zone. However; there is chaos because tribunal has not specified the range of area around the national park where new construction project permissions need to be held back.

When social activist Santosh Daundkar filled petition, so while hearing the case NGT gave the order by stating that a real estate project of Omkar Realtors and Developers at Malad is located very close to the Sanjay Gandhi National Park. However; advocate Aditya Pratap, who was representing the petitioner stated that in the year 2003, the SC had given a judgement to restrict the mining activity in the rnage of 10-km radius which comes under the national parks and if anyone needs to the mining activity so they have to take the clearance from NBWL. We all know that building construction involves escalation of sand and minor minerals, so the real estate project of Omkar Realtors and Developers at Malad could not have received a green clearance from the standing committee of the NBWL”.

According to the spokesperson of Omkar Realtors and Developers¸ “The National Green Tribunal order has no impact on any ongoing real estate project within the Mumbai because all future projects within 10 km of the Sanjay Gandhi National Park will need no-objection certificate from NBWL, and it is nothing than the another permission which will delay the launch of the real estate projects, and it will also increase the cost of project, whereas; on the other side real estate industry will suffer from low supply of goo apartments in short run. The more he added that in the present project, the previous order which was dated on the February 2, 2015 to inform the prospective buyers about the pendency of the litigation in this tribunal be abide by scrupulously.

However; NGT has not issued any stay on the construction activities at Omkar Realtors’ project which is coming at Malad, it has only directed the real estate developer to inform prospective buyers about the litigation.

According to all the real estate news published and telecasted, real estate in Mumbai has shown a considerable improvement but many of the market experts are considering this developing the in real estate as a bubble phase.

With the increasing use of online real estate portals, customers are able to get all the real estate news from all around the Mumbai region. Real estate in Mumbai has become so much digitalized that one can now purchase a home online itself. According to a recent real estate news, nearly 50% of the people are performing research before freezing on purchasing any property and most of the time their decision are getting highly influenced.

According to the real estate news consultants, the demand of real estate in Mumbai has increased but that doesn’t mean that the property prices also will go up high. As per the reports there are still so many unsold properties all around Mumbai that even after 2 years there will be a lot of property left out.  In terms of residential of real estate in Mumbai, the price should be increased around 10.1% and this is for the entire year. If you are looking for investing in the real estate in Mumbai, it is suggested not to go by all the real estate news especially the one which focuses on the future developments in that area or close by area. It is always good to invest in properties as they are never wrong options.

Price of owing a real estate property in Mumbai:

As per the recent reports given by the real estate news, individuals will have options in which area they are looking for property and in what price range they are looking for property. People are looking for residential property in center of Mumbai, Thane, Borivali, and Andheri and near Juhu beach among other areas. The with the increasing population in the city, the real estate in Mumbai has got a boost and developers are coming forth with new projects to attract as many customers as possible. Some of famous developers for real estate in Mumbai are Omkar Realtors & Developers Pvt. Ltd., Evershine Builders Pvt. Ltd, RNA Builders, Lodha group among others.