Sahara Group’s 500-acre plot in Mumbai may open-up for development
The Sahara Group could be the biggest beneficiary of the Centre’s new, diluted Coastal Regulation Zone (CRZ) norms.The 106-acre sprawl at Pahadi in Goregaon (West) controlled by the Lucknow-based conglomerate is part of a 500-acre parcel which belongs to the Byramjee Jeejeebhoy Group.
Construction industry sources said almost one-third of Sahara’s portion near the creek fell under CRZ, where no construction is permitted. However, the new CRZ rules, which have still to be notified by the state government, reduce the construction buffer zone near creeks from 100 metre to 50 metre. Also read http://realtyplusmag.com/npa-recognition-likely-to-get-prolonged-till-fy20-2/
Till recently, the plot was worth virtually nothing as it was marked as a no-development zone (NDZ) with mangroves, mudflats and a creek, and fell under CRZ I, where no construction is permitted. However, last year, the state government changed the status to a special development zone (SDZ) on Sahara’s plot, thereby lifting the construction restriction.