The Maharashtra state cabinet, which is led by Chief Minister Devendra Fadnavis made a decision on Tuesday. They approved a policy for buying and giving out land. This policy is very detailed. It will help speed up the development of the Third Mumbai project. The Third Mumbai project is a plan and this policy will make things clear and easy to understand. It will provide a base for building cities making new roads and bridges and bringing in new businesses and jobs. People will also be able to find houses. The area will become a good place, for storing and moving goods. All of this will happen around the Mumbai Trans Harbour Link, which is also known as the Atal Setu and the bigger Mumbai Metropolitan Region.<\/p>\n\n\n\n
The approval of this policy is a deal for the Third Mumbai project, which is also known as the Karnala-Sai-Chirner New Town. This project is really important for Indias financial capital region. The Third Mumbai project was thought of to give people space to live and work near the existing city. This will help with the problem of many people moving to Greater Mumbai and making it very crowded. The Third Mumbai project is one of the urban expansion projects, in Indias financial capital region.<\/p>\n\n\n\n
Policy Highlights & Land Acquisition Framework<\/p>\n\n\n\n
The new land policy says that land will be taken over in two ways. It will. Be done by talking to the owners and coming to an agreement under the Maharashtra Regional and Town Planning Act 1966 or it will be done according to the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013. This way of doing things is supposed to make it easier to get the land we need while also making sure the landowners are treated fairly. The new land policy is really, about the land acquisition and the land acquisition will be done in these two ways to help with the land procurement and to protect the rights of the landowners.<\/p>\n\n\n\n
The policy has an important part that deals with compensation for land that is taken over. This compensation will not just be, in the form of cash. Landowners will have the option to get Floor Space Index or Transferable Development Rights. In some situations they will even get Floor Space Index or Transferable Development Rights to help with building amenities and developing the area. The main goal of this is to encourage landowners to be a part of the development process and to motivate developers to put their money into projects that will increase the value of the area. The idea is to make it worthwhile for landowners and developers to work together on projects that will benefit everyone using Floor Space Index and Transferable Development Rights as a way to make this happen.<\/p>\n\n\n\n
Special Provisions to Attract Investment<\/p>\n\n\n\n
The government wants to get more businesses to invest in areas. So they made a rule that helps this happen. If someone wants to build something in one of these areas they have to pay for the land and other costs like getting the land registered. The Mumbai Metropolitan Region Development Authority or MMRDA for short will also charge a fee, which’s 15 percent of the cost. The person who buys the land gets it in the condition it’s in now and if anything goes wrong in the future they have to pay for it. The Mumbai Metropolitan Region Development Authority will not be responsible, for these costs the people who own the plots will have to deal with the Mumbai Metropolitan Region Development Authority to sort this out.<\/p>\n\n\n\n
The Atal Setu area is also going to help industries that bring Foreign Direct Investment into this region. These industries will get priority when it comes to getting land. To get this priority these investors have to promise to buy least 100 acres of land and spend at least \u20b9250 crore on their projects within four years. They do not have to include the cost of the land in this \u20b9250 crore. This rule is made to bring a lot of money into the Third Mumbai region, for commercial and industrial projects. The main goal of this rule is to help the Third Mumbai region grow by getting Foreign Direct Investment.<\/p>\n\n\n\n
Expected Development & Economic Impact<\/p>\n\n\n\n
The government people think that this new policy will make things clearer and help get things moving on the construction of roads and buildings and other development projects. This will create areas, for factories and homes and places to store things in the Mumbai Metropolitan Region. The government is going to make it easier for people to buy land and get paid if they have to move so that people who have money to invest will feel safe and projects can get done quickly. The Mumbai Metropolitan Region will get jobs and homes and services for thousands of people because of these projects.<\/p>\n\n\n\n
The Third Mumbai plan is envisioned as a modern, integrated city that will enhance Mumbai\u2019s economic capacity and expand its urban footprint in a planned and sustainable manner, addressing long-term urban challenges and fostering balanced regional development.<\/p>\n\n\n\n
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