Mumbai Real Estate Developers to Pause for Civic Elections
MUMBAI: Real estate developers in the Mumbai Metropolitan Region, which includes Mumbai, Thane, and Navi Mumbai, are currently adopting a cautious approach to project approvals and amendments due to the upcoming municipal elections and the implementation of the Model Code of Conduct. This comes despite steady housing demand in the area. Although there has been no official halt on construction-related permissions, industry stakeholders indicate that administrative processes typically slow down during civic election periods, as many officials are preoccupied with election duties. This has led developers to adjust their timelines for various discretionary approvals, such as revised commencement certificates, layout…