How is redevelopment work changing the look of Mumbai City?

A new Maharashtra housing policy initiative will benefit buyers those who are seeking property in Mumbai. The initiative is expected to boost real estate development in Mumbai suburbs. The government's visions such as "Housing for All" are expected to be within the reach of the governments now. Along with it, the Maharashtra housing policy initiative is seen as a step towards this goal.


The Current Scenario

It is no surprise that Mumbai faces an acute shortage of land thus owning real estate in Mumbai market is highly expensive. Even a few homes in Mumbai’s slums are said to command a market price of nearly Rs 1 crore, which indicates that nearly any property in Mumbai is worth owning and investing in currently. Although Mumbai is the financial capital of the country, there are certain issues at times that the maintenance, which is neglected by the concerned authorities. Many such old projects in Mumbai require the utmost care so that such developments look attractive to the homebuyers.

Planned Actions by Authorities

The Brihan Mumbai Municipal Corporation (BMC) has taken steps aimed towards redevelopment and cluster development, which would mean that BMC would redevelop entire localities rather than only redeveloping single buildings. The BMC is also expected to redevelop the Dharavi slum, transit camps in Mumbai, and Maharashtra Housing and Development Authority (MHADA) structures as well.

The Expert View

Experts believe that such actions by the BMC would result in a complete makeover of the cities suburbs. The Maharashtra Government has taken the first steps towards recognizing the need for affordable housing in Mumbai. The government’s announcement on cluster development is the first step towards providing housing for the middle and lower income segment. Once the city has undergone a significant makeover, the value of luxury flats in Mumbai may also rise further.

The Details

The new housing policy initiative has proposed the redevelopment of buildings. It is expected that builders in Mumbai will be granted a Floor Space Index of three for the redevelopment of a plot of size 2, 000 square meters. Additionally, the real estate developers in Mumbai will also have the option of purchasing an additional unit of FSI space from the MHADA on certain conditions.
Not only this, the development is planned to extend to Mumbai’s suburbs.

For instance, non-buildable plots in the suburbs can also be developed. The redevelopment of old and dilapidated buildings will be done with the aid of a cluster scheme. This initiative is the first in the country and aims to improve the quality of real estate in Mumbai and increase the standard of living for the cities dwellers.