Maharashtra Government’s Bold Move: 50% Premium Waiver for Cluster Development!

That sounds like a significant development in cluster redevelopment in Mumbai. The Maharashtra government has taken a step to encourage cluster redevelopment by granting a 50% waiver in premium that developers have to pay for cluster development. This waiver is applicable for schemes under Regulation 33 (9) of the Development Control and Promotional regulations and will be in effect for one year. The aim is to incentivize developers to submit their plans for approval quickly.

On June 5, 2023, Maharashtra Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis will launch a cluster development scheme in Thane, specifically at Kisan Nagar. The redevelopment project will be executed by the City and Industrial Development Corporation (Cidco). The plan is to design the redevelopment project like townships, and each occupant will receive a house measuring 323 square feet.

To facilitate the operations of the cluster development scheme, a cluster redevelopment office has been constructed at Kashish Park near Teen Hath Naka. This office will likely play a crucial role in managing the various aspects of the cluster redevelopment project.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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