Stalled real estate initiatives in MMR and Pune can progress, thank to a Supreme Court ruling, which benefits approximately 70,000 homebuyers.
In a significant development, the Supreme Court's ruling in the Vanashakti vs Union of India case has brought much-needed clarity to the real estate sector in Maharashtra, particularly in the Mumbai Metropolitan Region (MMR) and Pune.
The judgment reaffirms the authority of the State Environment Impact Assessment Authority (SEIAA) and the State Expert Appraisal Committee (SEAC) as the competent bodies for project-level environmental clearances. This ruling resolves a regulatory ambiguity that had stalled approvals and construction of many housing projects.
The ruling is expected to clear the way for construction to resume on 493 stalled real estate projects, including a large number of affordable and mid-income housing developments, impacting over 70,000 homebuyers. By striking down certain provisions from 2014 and 2016 environmental notifications, the Court has simplified and unified the environmental clearance framework, eliminating confusion and delays.
The judgment also emphasises that projects located near eco-sensitive zones, wildlife protected areas, and critically polluted areas should be regulated uniformly under State-level clearances, dismissing attempts to dilute or fragment regulatory oversight at the central level.
Industry bodies like CREDAI-MCHI view this ruling as a "monumental relief" that restores confidence among developers and homebuyers by removing the regulatory logjam and enabling faster project approvals and delivery timelines.
In summary, the Supreme Court's ruling restores regulatory clarity and uniformity in environmental approvals for real estate projects in Maharashtra, particularly in MMR and Pune. This is expected to unblock stalled housing supply and benefit tens of thousands of homebuyers awaiting possession.
The ruling does not affect the stalled real estate projects in the Mumbai Metropolitan Region (MMR) and Pune, and it does not pertain to the creation of an Environmental Cell under local authorities as proposed in Clause 14(a) and Appendix 16 of the 2014 and 2016 environmental notifications.
The Supreme Court's decision also rejects differential regulatory treatment for industrial sheds and educational buildings under the Environment (Protection) Act, 1986. CREDAI-MCHI, the apex real estate body, has hailed this verdict as a significant step forward for the industry.
Domnic Romell, President of CREDAI-MCHI, has stated that the judgment is a direct result of their proactive legal intervention. The ruling brings long-awaited clarity and relief to these projects and their homebuyers, removing regulatory ambiguity that had impacted construction timelines, project approvals, and homebuyer sentiment.
The Supreme Court has disposed of the writ petition Vanashakti vs Union of India on August 5.
- The Supreme Court's ruling in the Vanashakti vs Union of India case, particularly relevant to the real estate sector in Maharashtra, including Mumbai Metropolitan Region (MMR) and Pune, will likely revitalize 493 stalled real estate projects, including numerous affordable and mid-income housing developments, benefiting over 70,000 homebuyers in India.
- CREDAI-MCHI, the apex real estate body, has lauded this verdict, as it brings clarity and relief to stalled projects by removing regulatory ambiguity, significantly impacting construction timelines, project approvals, and homebuyer sentiment.
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