Addresses the Problem of Land Shortage
Mumbai, April 25 2018: Mumbai’s new DP 2034 created a welcoming buzz in the real estate market by addressing the fundamental issue of land shortage. From the previously demarcated land categories which were not available to developers for use, the Plan has opened up use of the salt pan land for affordable housing projects. This can provide up to 10 lac affordable homes, one of the biggest additions in organisable land for housing purpose in recent history.
Ramesh Nair, CEO and Country Head, JLL India commented, “The new DP creates a massive opportunity for affordable housing projects and ensures a fine balance between environment and development. The land earlier earmarked as salt pans have been opened up for housing, while no further construction is allowed in the Aarey Colony apart from the approved construction of metro car shed. We see great promise in this plan as it is supported by a robust financial outlay laid out by the BMC for on ground implementation.”
Nair further added, “The creation of open space of 120 hectares at Eastern Waterfront through PPP is in line with improving the per capita open space ratio of Mumbai. This opens Mumbai’s trademark waterfront for development of recreation, retail and entertainment projects and will give rise to re-development of real estate along the corridor, much like what Canary Wharf re-development did for London’s office district.”
Further, the plan also provides rationalization of FSI which will give a boost to construction activity. Earlier, the FSI in the island city was lower that the effective FSI allocated to suburbs which has now been amended. The FSI in island city has now been raised above the FSI in the suburbs which will lead to a higher potential supply in the island city.
The plan is an optimistic move, more on account of the fact that the BMC has earmarked INR 2,400 crores for FY 2017-18 for implementation, whereas the financial outlay earmarked over the next three years is about INR 5,000 crores. This implies that the plan is practical and implementable due to the financial backing to get implemented on ground rather than remaining on paper. The DP also releases over 3,700 hectares of land for affordable housing that was earlier classified in NDZ.
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