 "Developers want real estate Bill to address approval delays")
The high court's order banning all new construction in this city is likely to push up real estate prices.
It stayed new construction because the state government and Brihanmumbai Municipal Corporation (BMC) had failed to comply with the Municipal Solid Waste (Management and Handling) Rules at the Deonar and Mulund dumping grounds, well past their capacity.
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However, the stay does not apply to redevelopment, hospital and educational projects.
"It could delay new projects by three to six months," said Niranjan Hiranandani, managing director at Hiranandani Constructions. Another prominent developer said the issue could drag on for up to four years, due to the strict rules needed to be followed. "The supply of properties will be curtailed and prices of under-construction properties will shoot up," he said.
However, Amit Bhagat, chief executive of fund manager ASK Property Investment Advisors, believes construction cannot stop in the city. "The government has to come up with a solution and submit the proposal to the court," he said.
