Conversion of closed industries to residential plots may shrink Thane-Belapur industrial belt

The latest state government policy of converting closed industrial units to residential plots in Navi Mumbai is likely to affect the shape of the 2,500 hectares of the Trans Thane Creek (TTC)-MIDC industrial zone, popularly known as the Thane-Belapur industrial belt. The state policy, which was declared two days ago following the meticulously charted draft notification of 2016 by the urban development department (UDD), is already drawing varied reactions from factory owners, developers and citizens. “This state government notification of easy conversion of industrial units for residential purposes will throw open a lot of land area in the industrial zone to make buildings and towers. So, this is a good opportunity for developers in general, as nearly 40 per cent of the industrial units are either shutdown or running into losses. It makes business sense to give it for real estate development,” said Manohar Shroff, former secretary of the Maharashtra Chamber of Housing Industry (MCHI-Navi Mumbai).