#RealtyNewsRoundup: Navi Mumbai To Get A Smart Industrial City

State-owned construction company National Buildings Construction Corp (NBCC) in a joint venture with the Maharashtra government and a private entity will develop a smart industrial city near Navi Mumbai. The project will be located at Pen in Raigad near Navi Mumbai

Also Read: Things To Know About Navi Mumbai Development Plan

The three development authorities of Gautam Budh Nagar – the Noida Authority, the Greater Noida Industrial Development Authority and the Yamuna Expressway Industrial Development Authority – are likely to revise their land-allotment policy soon. Under the new policy, developers will be asked to deposit 40 per cent of the land cost at the time of allotment. At present, developers have to deposit only 10 per cent of the total land value. The proposal is likely to be approved in the forthcoming board meetings of the authorities, say media reports.

The City and Industrial Development Corporation of Maharashtra Ltd (Cidco) has instructed all societies and apartment associations — residential as well as commercial — to furnish lease agreement documents to get their lands converted from leasehold to freehold from now on. The body is on its final leg of drafting the transfer of land proposal, as provisioned by the Maharashtra Land Revenue Code.

Must Read: All About Freehold And Leasehold Property

The Rajasthan Urban Development and Housing Ministry will be fixing the rates of affordable houses that will be developed by private developers on their own land under the ambitious Jan Awas Yojana. The rates of affordable houses will be decided in two categories.

Source: Media reports