Mumbai: Right after the Coastal Regulation Zone (CRZ) relaxed the norms limiting construction activities nearby bay areas, real estate company, Hubtown has decided to come up with Mumbai’s first sea facing sky-scraper buildings of 55 strorey.According to the sources, recently Hubtown signed a joint-venture with Wadhwa Group to develop the two residential towers of 55 floors each. As the state coastal authority, announced Mahim coast as bay, the residential plot can be now constructed with higher FSI.The relaxed norms by CRZ have come up as huge relief and beneficial for both the developers as they can now acquire 14 lakh sq ft of profitable area and earn revenue of around thousands crores after the project is ready for sale.As per the sources, Wadhwa Group is planning to construct and execute the project with an amount of Rs. 400 crore. They would take the fund from ICICI bank.Hubtown had gone to the Bombay High Court for approval of the building proposal and finally there were relaxation in norms which declared Mahim shore as bay and gave permission for construction.This order was then challenged by the state government in the Supreme Court. However government’s appeal was rejected by the apex court.Mumbai developers whose properties are situated near shore can now take a huge sigh of relief by the court’s order. Construction activities will now be carried out in full swing as now the shores are being redefined as bays. Apart from Mahim, the Backbay region in South Mumbai has also been declared as bay.займ на карту без отказов круглосуточновзять кредит онлайн