~ Municipal Commissioner Shri Bhushan Gagrani ji Signals Formation of a Real Estate Steering Committee ~
Mumbai, October 24, 2025
—Building on the momentum of the convergence meet across various real estate associations, Shri Sukhraj Nahar ji, President CREDAI – MCHI, and Shri Sandeep Runwal, Chairman, NAREDCO Maharashtra, Shri. Vikram Mehta, President, BDA and Architect Shri. Sandip Isore, President PEATA organized a joint meeting with the Municipal Commissioner, Brihanmumbai Municipal Corporation (BMC), Shri Bhushan Gagrani ji and his team where the collaborative force of the real estate Indusrty, was once again evident as representatives from CREDAI-MCHI, NAREDCO Maharashtra, Brihanmumbai Developers Association (BDA) and Practising Engineers, Architects and Town Planners Association (PEATA) held a marathon meeting with the Municipal Commissioner discussing various policy issues and procedural 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 Maharashtra, PEATA, and BDA along with officers from various departments of MCGM, including the fire officer, which would meet fortnightly to discuss various key issues, policy matters and opportunities for Mumbai’s Real Estate Sector. The meeting would be chaired by Deputy Chief Engineer (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. Shri Bhushan Gagrani ji’s message was clear that, as along as, the demands are for greater good, he will always be supportive of such initiatives and MCGM would stand 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 bureaucratic 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 a 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 Sandeep Runwal, Chairman, NAREDCO Maharashtra 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 Maharashtra, PEATA, and BDA have taken another meaningful step towards strengthening an industry – Government dialogue for a more efficient and progressive real estate ecosystem in Mumbai. Various dignitaries of MCHI – CREDAI, NAREDCO Maharashtra, BDA and PEATA were present on this occasion. Among the dignitaries present were Shri Rajan Bandlkar, Vice Chairman, NAREDCO, Miss. Manju Yagnik, Senior Vice President, NAREDCO Maharashtra, Shri. Kamlesh Thakur, Vice President, NAREDCO Maharashtra and Shri. Dominic Romell, Immediate Past President, CREDAI – MCHI, Shri. Bandish Ajmera, President – Elect, CREDAI – MCHI, Shri. Rushi Mehta, Secretary, CREDAI – MCHI,Shri. Jitubhai Mehta, Senior Vice President, CREDAI – MCHI, Shri. Aditya Mirchandani MC member CREDAI- MCHI, Shri. Keval Valambhia, COO, CREDAI – MCHI, Shri. Ritesh Shah, Shri. Bhushan Nemlekar, Shri. Sudhir Lohiya, Shri. Bhavik Mehta from BDA, Architect Shri Milind Changani Secretary, PEATA, Architects Shri. Suyog Shet and Shri. Manoj Dubal both from PEATA.
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