Industry speaks in one voice: Requests EODB 2.0 to unleash potential of the Real estate sector

VMPL
Mumbai (Maharashtra) [India], October 25: Building on the momentum of the convergence meet across various real estate associations, Shri Sukhraj Naharji, President CREDAI MCHI, and Shri Rushi Mehta, Secretary, CREDAI-MCHI organized a joint meeting with the Municipal Commissioner, BMC, Shri Bhushan Gagraniji and his team where the collaborative force of the real estate Indusrty, was once again evident as representatives from CREDAI-MCHI, NAREDCO, BDA and PEATA held a marathon meeting with the Municipal Commissioner discussing various policy issues and proecdural bottlenecks affecting the real estate sector.
In a significant step to strengthen collaboration between Mumbai's municipal administration and the real estate industry, Municipal Commissioner Shri Bhushan Gagrani (IAS) has announced the formation of a Steering Committee comprising representation from CREDAI-MCHI, NAREDCO, PEATA, and BDA along with officers from various departments of MCGM, including the fire offie which would meet fortnightly to dicuss various key issues, policy matters and opportunities for Mumbai's Real Estate Sector. The meeting would be chaired by Deputy Chief Enginer (Office of the Municipal Commissioner) Shri Chandrashekhar Undge and BMC Commissioner Shri Bhushan Gagrani ji assured that he would also partake in such meetings on a monthly basis. This structure will ensure that key decisions and recommendations are tracked, implemented, and reviewed regularly.
Municipal Commissioner Shri Bhushan Gagrani (IAS) appreciated the collaborative efforts across various associations of the real estate industry and on his part ensured that the entire administration of the MCGM was in attendance either in person or virtually. Bhushan Gagraniji's message was clear that as along as the demands are for greater good, he will always be supportive of such initiatives and MCGM stands with the developers in ensuring that the true potential of the Real Estate Industry is brought to the fore by unlocking the multiplier effect. He assured the Industry of his support in removing bearaucratic bottlenecks to streamline the process of approval and development.
Among the key recommendations made during the interaction was a call to rationalize the premium payment schedule through a 10:10:80 structure--where 10% of the premium would be paid at the time of approval, another 10% at the stage of Commencement Certificate (CC), and the balance 80% at the Occupation Certificate (OC) stage. Currently, developers are required to pay multiple premiums--such as fungible FSI, open space deficiency, fire service charges, scrutiny fees, and development cess--either upfront or under deferment schemes with 12% interest. Since these payments are often levied at early stages of development, they place a heavy financial burden before any revenue is generated. The proposed structure aims to align payments with project cash flows, making them more practical and sustainable without affecting civic revenues.
Shri Sukhraj Nahar, President, CREDAI-MCHI, said that this joint representation reflects the industry's commitment to constructive engagement with the municipal administration. He stated, "It is heartening to see all real estate associations come together with a unified voice. Our aim is to work collaboratively with the BMC to create structured mechanisms that ensure regular dialogue, timely resolution of issues, and greater transparency in processes. The proposed 10:10:80 premium payment model is a fair and practical approach that aligns payment timelines with actual project progress and cash inflows whilst being revenue neutral from the administration standpoint.
Shri Rushi Mehta, Secretary, CREDAI-MCHI, added that such joint initiatives mark an important shift towards collective problem-solving. He said, "The real estate industry is one of Mumbai's key growth drivers, and regular engagement with the civic authorities is vital to unlock its full potential. We look forward to building on this momentum and ensuring that our suggestions translate into tangible improvements for both the industry and the city."
The meeting signifies a continuation of the spirit of unity demonstrated during the Real Estate Leaders' Convergence organized by CREDAI-MCHI earlier this month, where all the real estate and architect's associations first resolved to represent the sector jointly. By presenting a common front and pragmatic solutions, CREDAI-MCHI, NAREDCO, PEATA, and BDA have taken another meaningful step towards strengthening industry-government dialogue for a more efficient and progressive real estate ecosystem in Mumbai.
ABOUT CREDAI-MCHI
CREDAI-MCHI is the apex body of real estate developers in the Mumbai Metropolitan Region. (MMR). With an impressive membership of over 2200+ leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region, establishing units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and most recently in Alibaug, Karjat-Khalapur-Khopoli, and Pen. Being the only Government-recognised body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry's organisation and progress. The association is committed to driving policy reform, housing innovation, and sustainable development in partnership with the government and urban stakeholders.
As a part of CREDAI National, an apex body of 13000 developers across the nation, CREDAI-MCHI has emerged as a preferred platform for regional discussions on housing and habitat by establishing close and strong ties with the government. It is committed to breaking barriers to create a strong, organised, and progressive real estate sector in the MMR.The vision of CREDAI-MCHI is to empower the Real Estate fraternity of the Mumbai Metropolitan Region as it preserves, protects, and advances the right to housing for all. To continue being a trusted ally, guiding their members, supporting the Government on policy advocacy, and assisting those they serve through the ever-evolving real estate fraternity.
Website: https://mchi.net/
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