@Lalit,
Time taking is not the matter but the result should be sweet and productive. The first extension was allowed in April and the revised plan was expected to be put up for citizens' suggestion, objection in September. In the backdrop of the second extension, this process is now estimated to take more than a year.
Hi Tarun,
Don't forget that the ongoing revision of Mumbai's Development Plan has already put the city's property market in disorder. It has affected almost all deals involving land parcels, society redevelopments and even slum rehabilitation.
Right Anuskha,
Because of this, both developers and project sponsors, or landlords, are postponing decisions or are even avoiding initiating talks as it is difficult to bring to an end a deal in the absence of a proper pricing process and clear development potential.
Right Tarun,
Industry players of late commended the civic body for its efforts at trying to speed up approvals. Two weeks ago, BMC reduced certain construction-related paper work and timelines that can make delivery of houses faster for home buyers in the city.
Hi,
The Development Plan 2034 was 1st announced in February, 2015 only to be withdrawn in April after being criticised for errors with regard to wrong reservations applied to certain zones and plots. Now, once again has received a 2nd extension of the deadline for revision by another 6 months to February 2016.
No doubt that it is taking too much time as the civic body this time wants to make sure an faultless plan after taking a lot of criticized for the earlier plan. This time they are working with zero tolerance for errors.