Civic authority BMC approves 78 skyscraper development projects in Mumbai

MUMBAI: Civic authority Brihanmumbai Municipal Corporation and its high-rise committee have approved development proposals for 78 skyscrapers over 70 meters of height across the city. Of these approved proposals, around 38 are new proposals while 40 were pending with the earlier committee.

These approvals are being cleared now in the backdrop of almost more than a year and a half passing by without any major approvals for realty projects in the city.

Maharashtra Chamber of Housing Industry (MCHI) has welcomes the civic authority and its high-rise committee's decision to approve these development proposals. With approvals gaining momentum, developers are now talking about passing on benefits of lower interest and financing cost to consumers.

"We hope environmental committee also gives approvals in time of within four months. With faster and timely approvals developers can save interest cost and pass on this benefit to consumers," said Paras Gundecha President of Maharashtra Chamber of Housing Industry.

However, the developers' body is disappointed the committee did not find favour with the former's proposal of building high-rises on smaller plots. It believes the city has already exhausted its horizontal limits. In such a scenario, building high-rises in all the plots big and small is the only option.