SC verdict on private forest to pave way for RE development: Credai

Tags: CREDAI, forest, SC, News
The Supreme Court's direction to the Maharashtra government to remove "private forest" tag attached to huge land parcels across the state is likely to give a push to development of real estate in such vacant areas, according to real estate developers' body Credai.

"We are happy to hear this judgement as it will finally pave the way for development of forest land which has been lying vacant for years and most importantly regularise the homes of people living there," Confederation of Real Estate Developers' Associations of India (Credai) Chairman Lalit Kumar Jain said in a statement here.

A three-judge bench of Justices R M Lodha, M B Lokur and Kurian Joseph recently allowed petitions by Godrej & Boyce, Oberoi Constructions and a host of other developers as well as residents' bodies affected by the High Court ruling.

The new ruling will not just open up hundreds of acres of private forest land in the suburban Mumbai, but also pave way for developing more than 100 real estate projects and bring relief to nearly 5 lakh residents who faced the threat of losing their homes due to the Bombay High Court's verdict which upheld the state government's contention that these residents were encroachers.

"This verdict can also set a precedent for development of huge government owned land by such as the Railways, Bombay Port Trust, etc, which are being misused and illegally encroached by slum dwellers, should be freed for development," he said.

Jain further said this verdict was a good learning for government which should make the process of approvals much faster and implement the single window clearance system.

EDITORIAL OF THE DAY

  • Public musn’t pay for domestic servants for our diplomats

    Nothing seems to have changed in the year and half since the fur that flew thick and fast over the case of diplomat Debjani Khobragade and her maid Sa

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture