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CHIEF MINISTER ASHOK CHAVAN’S ORDER TO STAY TITLE TRANSFER ON PAP LAND COULD FURTHER SLUMP REALTY MARKET

Though builders are demanding that the state revoke its decision of staying transfer of PAP plots, CIDCO Jt. Managing Director Dilip Jadhav says that now that they have the government order, the decision stays. NMMC Opposition Leader claims to be the man who approached Chief Minister Ashok Chavan to scrap the transfer of plots to builders under the 12.5% PAP scheme. Speaking to NMTV News Ramakant Mhatre, a close confidant of Chief Minister Ashok Chavan, says that the state had announced the 12.5% scheme to benefit PAPs from whom the state has acquired land for the development of Navi Mumbai. The compensation for taking land for the original landlords came to be known as the 12.5 scheme of CIDCO. Ramakant Mhatre goes on to say that the transfer of PAP plot was against the interest of the PAPs and that’s why he approached the Chief Minister to STAY the transfer of plots to PAPs. Making serious allegations of corruption, Ramakant Mhatre added that CIDCO officials were doing a lot of corruption by exploiting the 12.5% PAP scheme. On the other hand, builders term the decision of the Chief Minister a political gimmick. Former President of the Builders Association of Navi Mumbai Rajesh Prajapati, hinting at Ramakant Mhatre, says that the Chief Minister has taken the decision under the wrong influence of someone. On the other hand, Ashwin Ruparel says that since CIDCO is not opening tender plots, as of today most builders are surviving on PAP plots with many builders having already invested Crores in it. He added that PAPs are not economically and technically sound to develop plot that’s why the only option is to transfer to builders. While Rajesh Prajapati suggests that CIDCO should present a report of revenue earned through transfer of PAP plots to builders to the Chief Minister, Ashwin Ruparel says that the stay has created a fear in the construction industry. Newly elected President of the BANM Bhupendra Shah says that 80% of the construction industry is thriving on the PAP plot hence, he will take the matter up on top priority. But for now CIDCO is in no mood to revoke the decision. CIDCO Jt. MD Dilip Jadhav says that its too early to comment whether the stay will be revoked or not as they are following the new directives received by the state. He further explained that the state wants that instead of transferring the plots, PAP should develop it themselves. It’s no secret that the real estate sector kept the poll juggernaut rolling. The maximum donations to political parties came from city-based builders. With the stay the builders are still a worried lot because already badly hit by the economic slowdown, builders know that they will have to still pay up for the upcoming Assembly elections in October and this could be just one of the reasons why the state has stayed the transfer clause in the 12.5% PAP scheme. Monika Bhosale – NMTV News.

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