Home buyers to benefit from new CRZ norms

The new Coastal Regulations Zone (CRZ) norms 2011 for Mumbai will benefit people who are unable to buy houses in the realty market where prices have reached unaffordable levels. According to the state government, a stock of approximately one lakh low-cost houses will be made available in the next few years. According to the new rules, private builders will have to partner with the state while redeveloping structures along coastal areas. The low-cost flats will be handed over to the Maharashtra Housing and Area Development Authority (MHADA), which will sell them under its lottery system.