MUMBAI: Brihanmumbai Municipal Corporation (BMC), the civic body of the country's commercial capital, has received a second extension of the deadline for revision of the much-talked about Development Plan 2034 by another six months to February 2016.
The Development Plan 2034 was first announced in February only to be withdrawn in April after being criticised for errors with regard to wrong reservations applied to certain zones and plots.
"It is taking time as the civic body this time wants to ensure an errorfree plan after taking a lot of flak for the earlier plan. This time they are working with zero tolerance for errors," said a person familiar with the revision process at the BMC.
Interestingly , the government had also acknowledged major errors in the plan and had asked the civic body to revise it. The first extension was allowed in April and the revised plan was expected to be put up for citizens' suggest ionobjection in September. In the backdrop of the sec ond extension, this process is now esti mated to take more than a year.
The civic body had applied for the sec ond extension from the Town Planning department of the state government after the first deadline to revise the plan ended on September 22. The Town Planning department has sanctioned an extension ending February 22, 2016, said a circular issued by the state government, a copy of which is available with ET.
The ongoing revision of Mumbai's Development Plan (DP) has already put the city's property market in disarray, affecting almost all deals involving land par cels, society redevelopments and even slum rehabilitation.
Both developers and project proponents, or landlords, are deferring decisions or are even avoiding initiating talks as it is difficult to conclude a deal in the absence of a proper pricing process and clear development potential.
Industry participants recently praised the civic body for its efforts at trying to expedite approvals