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Municipal
Commissioner Shri Bhushan Gagraniji signals formation of Real Estate steering
committee
Mumbai : Building on the momentum of the convergence
meet across various real estate associations, Shri Sukhraj Naharji, President
CREDAI MCHI, and Shri Rushi Mehta, Secretary, CREDAI-MCHI organized a joint
meeting with the Municipal Commissioner, BMC, Shri Bhushan Gagraniji and his
team where the collaborative force of the real estate Indusrty, was once again
evident as representatives from CREDAI-MCHI, NAREDCO, BDA and PEATA held a
marathon meeting with the Municipal Commissioner discussing various policy
issues and proecdural bottlenecks affecting the real estate sector. In a
significant step to strengthen collaboration between Mumbai’s municipal
administration and the real estate industry, Municipal Commissioner Shri
Bhushan Gagrani (IAS) has announced the formation of a Steering Committee
comprising representation from CREDAI-MCHI, NAREDCO, PEATA, and BDA along with
officers from various departments of MCGM, including the fire offie which would
meet fortnightly to dicuss various key issues, policy matters and opportunities
for Mumbai’s Real Estate Sector. The meeting would be chaired by Deputy Chief
Enginer (Office of the Municipal Commissioner) Shri Chandrashekhar Undge and
BMC Commissioner Shri Bhushan Gagrani ji assured that he would also partake in
such meetings on a monthly basis. This structure will ensure that key decisions
and recommendations are tracked, implemented, and reviewed regularly.
Municipal Commissioner
Shri Bhushan Gagrani (IAS) appreciated the collaborative efforts across various
associations of the real estate industry and on his part ensured that the
entire administration of the MCGM was in attendance either in person or
virtually. Bhushan Gagraniji’s message was clear that as along as the demands
are for greater good, he will always be supportive of such initiatives and MCGM
stands with the developers in ensuring that the true potential of the Real
Estate Industry is brought to the fore by unlocking the multiplier effect. He
assured the Industry of his support in removing bearaucratic bottlenecks to
streamline the process of approval and development.
Among the key
recommendations made during the interaction was a call to rationalize the
premium payment schedule through a 10:10:80 structure—where 10% of the premium
would be paid at the time of approval, another 10% at the stage of Commencement
Certificate (CC), and the balance 80% at the Occupation Certificate (OC) stage.
Currently, developers are required to pay multiple premiums—such as fungible
FSI, open space deficiency, fire service charges, scrutiny fees, and
development cess—either upfront or under deferment schemes with 12% interest.
Since these payments are often levied at early stages of development, they
place a heavy financial burden before any revenue is generated. The proposed
structure aims to align payments with project cash flows, making them more
practical and sustainable without affecting civic revenues.
Shri Sukhraj Nahar,
President, CREDAI-MCHI, said that this joint representation reflects the
industry’s commitment to constructive engagement with the municipal
administration. He stated, “It is heartening to see all real estate
associations come together with a unified voice. Our aim is to work
collaboratively with the BMC to create structured mechanisms that ensure
regular dialogue, timely resolution of issues, and greater transparency in
processes. The proposed 10:10:80 premium payment model is a fair and practical
approach that aligns payment timelines with actual project progress and cash
inflows whilst being revenue neutral from the administration standpoint.
Shri Rushi Mehta,
Secretary, CREDAI-MCHI, added that such joint initiatives mark an important
shift towards collective problem-solving. He said, “The real estate industry is
one of Mumbai’s key growth drivers, and regular engagement with the civic
authorities is vital to unlock its full potential. We look forward to building
on this momentum and ensuring that our suggestions translate into tangible
improvements for both the industry and the city.”
The meeting signifies a
continuation of the spirit of unity demonstrated during the Real Estate
Leaders’ Convergence organized by CREDAI-MCHI earlier this month, where all the
real estate and architect’s associations first resolved to represent the sector
jointly. By presenting a common front and pragmatic solutions, CREDAI-MCHI,
NAREDCO, PEATA, and BDA have taken another meaningful step towards strengthening
industry–government dialogue for a more efficient and progressive real estate
ecosystem in Mumbai.
ABOUT CREDAI-MCHI
CREDAI-MCHI
is the apex body of real estate developers in the Mumbai Metropolitan Region.
(MMR). With an impressive membership of over 2200+ leading developers in MMR,
CREDAI-MCHI has extended its reach throughout the region, establishing units in
various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi
Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and most
recently in Alibaug, Karjat-Khalapur-Khopoli, and Pen. Being the only
Government-recognised body for private sector developers in MMR, CREDAI-MCHI is
dedicated to promoting the industry’s organisation and progress. The
association is committed to driving policy reform, housing innovation, and
sustainable development in partnership with the government and urban
stakeholders.
As a
part of CREDAI National, an apex body of 13000 developers across the nation,
CREDAI-MCHI has emerged as a preferred platform for regional discussions on
housing and habitat by establishing close and strong ties with the government.
It is committed to breaking barriers to create a strong, organised, and
progressive real estate sector in the MMR.The vision of CREDAI-MCHI is to empower
the Real Estate fraternity of the Mumbai Metropolitan Region as it preserves,
protects, and advances the right to housing for all. To continue being a
trusted ally, guiding their members, supporting the Government on policy
advocacy, and assisting those they serve through the ever-evolving real estate
fraternity.
Website:
https://mchi.net/
