Supreme Court verdict on “private forest”, a huge plus for the real estate development: Credai
Ruling on the petitions filed by the developers like Godrej & Boyce, Oberoi Constructions and a host of others as well as residents’ bodies, the Supreme Court directed the Maharashtra Government to remove “private forest” tag attached to huge land parcels across the state. This move, according to the real estate developers’ body Credai is likely to give a big push to development of real estate in such vacant areas.
The new ruling will not just open up hundreds of acres of private forest land in the suburban Mumbai, but is also expected to pave way for developing more than a 100 real estate projects. This will also bring huge 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.
Confederation of Real Estate Developers’ Associations of India (Credai) Chairman Lalit Kumar Jain was quoted in a statement “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 regularize the homes of people living there”.
Source: The Economic Times
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