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The real estate sector in Maharashtra's coastal zones is poised for a significant upturn, as the state government empowers local authorities to authorize construction within defined limits without the need for approval from the Maharashtra Coastal Zone Management Authority (MCZMA). This move is expected to invigorate coastal development, which has faced delays due to environmental clearances, and stimulate tourism-related activities along the shorelines. Notably, projects such as plotted developments and villa ventures, which have seen rising interest, particularly in the wake of the Covid-19 pandemic, will benefit from this directive.
The state government's environment department has directed authorities in Mumbai, Thane, Palghar, Raigad, and Sindhudurg districts to promptly implement the 2019 Coastal Regulation Zone (CRZ) Notification issued by the central government, specifically pertaining to self-dwelling residential developments up to 3,229 sq ft. The notification specifies that local authorities can grant approval for self-dwelling units with a total built-up area of 300 square meters (3,229 sq ft) without the need for MCZMA recommendations. However, these authorities are required to scrutinize the proposals from the perspective of the CRZ Notification, thus streamlining the approval process.
The surge in plotted developments and holiday home projects is mainly concentrated in the peripheral areas of tier-1 cities and exclusive scenic locations near major metropolitan areas. As there is increasing demand for plotted developments and independent houses, established real estate developers and corporate players are increasingly venturing into this segment. This shift towards organized development is offering greater transparency and enhanced choices to homebuyers. Several significant investments are being planned by realty developers in response to the robust demand witnessed in this sector over the past two to three years. The present notification is in line with facilitation of this rising interest as this step is anticipated to significantly reduce the time required to secure permissions for such projects.
The evolving trends in people's priorities, driven by the pandemic and the rise of hybrid work culture, are now placing greater emphasis on larger homes with a focus on independent living, health, and security. Plotted developments, characterized by their low-density, foster a sense of community and provide opportunities for social interaction. Consequently, this segment is becoming a preferred choice for those seeking a balance between urban conveniences and a peaceful living environment.
This transformation in regulatory approvals is expected to have a transformative impact on the real estate landscape, particularly along the picturesque coastal zones of Maharashtra. This move places Maharashtra at the forefront, and it is likely to set a precedent for other coastal states. The coastal real estate development sector is primed for accelerated growth and offers a dynamic and evolving landscape for the real estate industry in Maharashtra. It aligns with the changing preferences of homebuyers and is poised to create new opportunities for both developers and those looking to invest in residential properties along the coast.
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