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Sunday, July 22, 2018

Maharashtra Cabinet Meeting: People hit by all CIDCO projects set to get 22.5 per cent of developed land

As per CIDCO, for the airport project, a 700 sqm plot valued at 21 lakh at present, would be valued at Rs 7 crore when then airport project is completed, thereby benefiting the land owners.

By: Express News Service | Mumbai | Updated: January 18, 2018 3:54:00 am
As per CIDCO, for the airport project, a 700 sqm plot valued at 21 lakh at present, would be valued at Rs 7 crore when then airport project is completed, thereby benefiting the land owners.

The State cabinet on Wednesday approved the proposal to provide 22.5 per cent of developed land as compensation for all the project affected persons (PAPs) impacted by ongoing CIDCO projects. Under the prevailing rules, only PAPs affected by the Navi Mumbai International Airport were eligible to get 22.5 per cent of developed land offered against land acquisitions. All other CIDCO PAPs were being compensated under the 12.5 per cent scheme.

The move had created disenchantment amongst local residents who had to part with their lands for other CIDCO projects. The new rule would also be eligible for all whose lands will be affected in projects such as NAINA project at Nerul, the Belapur-Seawood-Uran corridor, Mumbai Trans Harbour Link and all future CIDCO projects.

CIDCO’s Uran Rail Corridor had faced hurdles as local residents had demanded that they too be brought under the 22.5 per cent scheme ambit. Rather than paying monetary compensation, CIDCO had come up with a policy to help PAPs. It had come up with a proposal where it would give 22.5 per cent developed land back to the PAPs whose land was acquired.

So if someone had handed over 1,000 square metres (sqm) of land for a project, he would get 225 sqm of land back from the government in a locality with improved infrastructure, developed by CIDCO.

CIDCO believed that the improved infrastructure in those areas would put a premium on the land and help PAPs derive economic benefit from the increased value of their plots.

As per CIDCO, for the airport project, a 700 sqm plot valued at 21 lakh at present, would be valued at Rs 7 crore when then airport project is completed, thereby benefiting the land owners.

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