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Mumbai Redevelopment Booster

Monday, September 08, 2008

The recent Supreme Court (SC) ruling could balance the demand supply equation for Mumbai's property market, leading to considerable land supply and softening of high prices. SC ruled yesterday that a cessed building (constructed pre 1940) in Mumbai can be redeveloped under the provisions of section 33 (7) of Development Control Regulation (DCR) (as amended in 1999).

The ruling paves way for the redevelopment of 18,000 old (pre 1940) buildings in prime (South) Mumbai (including areas such as Girgaum, Grant Road, Bhuleshwar, Nagpada, Parel) as long as 70% of the tenants/landlord agree. Developers will need to provide at least 225 sq. ft. unit to each tenant free of cost, and in return will get additional FAR (50-70% of redeveloped area) to sell in the open market.

The existing two million tenants in these buildings (several are chawls) can get safer and better accommodation. However, inadequate civic infrastructure and low ground clearance could worsen quality of life & lead to unplanned development.

1 Comments:

At 12:46 PM, Blogger Realty Rider said...

Mumbai housing problem will ease to some extent in the coming year. The city will get its first rental housing project of 35, 000 houses at Vasai's Tiwri village. The project will be developed by Dhanashree Developers and is a part of the Mumbai Metropolitan Region Development Authority's (MMRDA) ambitious plans for building five lakh rental houses in the next five years. The pilot project spread over 50 acres will have residential units of 160 sq ft, which will include a cooking space, bath and water closet. The MMRDA has specified that it would give these houses only to bonafide Maharashtrians who hold a domicile certificate from the state and have a monthly income of more than Rs 5, 000 every month. The rents of these houses would range from Rs 800 to Rs 1000.For more view- realtydigest.blogspot.com

 

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