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Need Suggestions : Develop or Sell plot (Worli, Mumbai)

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Need Suggestions : Develop or Sell plot (Worli, Mumbai)

Last updated: October 30 2018
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  • Need Suggestions : Develop or Sell plot (Worli, Mumbai)

    Hi everyone,

    We own an open plot measuring 493 sq yards located in Worli, Mumbai. It is a family owned property and we initially intended to develop the property ourselves for self-use.
    The plot falls under CRZ-II zone. We had received the necessary approvals from Maharashtra Coastal Zone Management Authority (MCZMA) to construct a G+4 storey building in 2011. The plot is located within 300 mtrs of a Naval Base near Worli Sea Face.

    We had approached the Naval authority several times to obtain permission for construction. Whereas, citing security reasons the Naval authority is denying us permission for construction. Under RTI, we found that maximum permissible height for construction for a building within 100-300 mtrs from Naval Base is around 42 mtrs, whereas our G+4 story building would come up to approx 25-26 mtrs in height. (at 1.33 FSI)

    We have made several applications to Naval command to obtain permission to no avail. Therefore, now we are in a dilemma whether we should sell the plot or wait for some more time? (almost after waiting for 10 years)

    At the same time a known developer has constructed two G+10 storey building (One under SRA scheme and other for out-right sale) across the road (hardly 20 mtrs from our plot).

    Therefore, I request anyone who can guide or give us some clarity to get out of this dilemma. Thank You.

    Regards,
    Akshay.
  • #2

    #2

    Re : Need Suggestions : Develop or Sell plot (Worli, Mumbai)

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    • #3

      #3

      Re : Need Suggestions : Develop or Sell plot (Worli, Mumbai)

      Originally posted by akshay4913 View Post
      Hi everyone,

      We own an open plot measuring 493 sq yards located in Worli, Mumbai. It is a family owned property and we initially intended to develop the property ourselves for self-use.
      The plot falls under CRZ-II zone. We had received the necessary approvals from Maharashtra Coastal Zone Management Authority (MCZMA) to construct a G+4 storey building in 2011. The plot is located within 300 mtrs of a Naval Base near Worli Sea Face.

      We had approached the Naval authority several times to obtain permission for construction. Whereas, citing security reasons the Naval authority is denying us permission for construction. Under RTI, we found that maximum permissible height for construction for a building within 100-300 mtrs from Naval Base is around 42 mtrs, whereas our G+4 story building would come up to approx 25-26 mtrs in height. (at 1.33 FSI)

      We have made several applications to Naval command to obtain permission to no avail. Therefore, now we are in a dilemma whether we should sell the plot or wait for some more time? (almost after waiting for 10 years)

      At the same time a known developer has constructed two G+10 storey building (One under SRA scheme and other for out-right sale) across the road (hardly 20 mtrs from our plot).

      Therefore, I request anyone who can guide or give us some clarity to get out of this dilemma. Thank You.

      Regards,
      Akshay.
      Needless to say these permissions need political references and muscles power, I suggest do a JV with reputed developer where you can easily get 60% area share of the new building and the developer will keep 40% to cover construction costs and some profit..He will use some premium/fungible FSI and probably make G+7 or more and u will still get 60% area share...win-win for both

      Hire a reputed PMC who can guide and assist in the process..

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