Diluted CRZ norms could mean Rs 40,000 crore windfall for Sahara

MUMBAI: The Sahara Group could be the biggest beneficiary of the Centre’s new, diluted Coastal Regulation Zone (CRZ) norms. The 106-acre sprawl at Pahadi in Goregaon (West) controlled by the UP-based conglomerate is part of a 500-acre parcel that belongs to the Byramjee Jeejeebhoy Group.

Construction industry sources said almost one-third of Sahara’s portion near the creek falls under CRZ, where no construction is permitted. However, the new CRZ rules, which have still to be notified by the state government, reduce the construction buffer zone near creeks from 100 metres to 50 metres. Till recently, the plot was worth nothing because it was marked as a no-development zone (NDZ).

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