The restriction on development in creek and bay areas has been reduced from 100 m to 50 m from the high tide line.
MUMBAI, Oct 7 (The CONNECT) - The Union Ministry of environment, forest and climate change has approved the Coastal Zone Management Plan (CZMP) for Mumbai and its suburbs, and real estate players say it is a move that will boost real estate development in the country's commercial capital and adjoining areas. Several housing societies and slums in Mumbai will now be eligible for redevelopment based on the plan, as these areas will get a Floor Space Index (FSI) or permissible development equal to other parts of the city.
"The decision by the authority to approve the plan has been in favour of the developers and their projects in the MMR region. Earlier the redevelopment of slums near the coastal areas posed a serious challenge, this approval therefore has come as a huge relief for the developers. We anticipate that the construction activities in these areas will be in full-swing ensuring a further facelift of the city," said Ashok Mohanani, President, NAREDCO Maharashtra.
"The land-starved city of Mumbai has a pool of old dilapidated buildings that need to be redeveloped. The decision will open up several land parcels for redevelopment benefitting the real estate industry. The north corridor of the western suburbs has drastically evolved with the help of infrastructure reforms and demand driven by the homebuyers. The upcoming Metro lines, easy access to the Western Express Highway and the Coastal Road will be going to be a game-changer for this location in terms of driving demand." opines Navin Makhija, Managing Director, The Wadhwa Group.
Shraddha Kedia-Agarwal, Director, Transcon Developers said, "With this decision a great opportunity has been unlocked where several redevelopment projects will now be viable changing the city's landscape especially in the western suburbs. Also proximity to business hubs, domestic and international airports, Western Express Highway along with other social infrastructure is an added advantage in this region which is driving the demand. Infrastructure is another key factor where metro rail connectivity has helped and soon there will be more metro links in the region along with the upcoming coastal road."
As per the new Coastal Regulatory Zone (CRZ) rules, the restriction on development in creek and bay areas has been reduced from 100 m to 50 m from the high tide line. The approval has opened up land parcels along the city’s coast, which fall under different CRZ categories for real estate and construction activities.
Himanshu Jain, VP-Sales, Marketing & CRM - Satellite Developers Private Limited, said, "The space constraints of Mumbai have been forcing leading developers to venture into the real estate market in the periphery. With this move, the western suburb of Mumbai will become an epicenter of realty transactions, both for end-users and investors. Several slum pockets and buildings in CRZ will now get more FSI and will be eligible for redevelopment. With so much infrastructure development coming in this area, it definitely promises to be a safe bet for real estate investments."
Earlier builders were earlier allowed only base floor FSI Index which is 1.33 in island city & 1 in suburbs. With the approval of this plan builders will now be entitled to 2.5 times the FSI. BMC will give building nod only after notified maps are approved.
Bhushan Nemlekar, Director, Sumit Woods Ltd. said, "A significant chunk of Mumbai's severely restricted land is currently locked in slums and dilapidated buildings. The approval of the Coastal Zone Management Plan (CZMP) is a welcome step towards decongesting the city. It will provide the developers with two-and-a-half times the construction rights. Especially the Western suburbs of Mumbai fulfils the expectations of homebuyers of all categories with its wide range of options for residential properties and is expected to enormously benefit from this move."
Vedanshu Kedia, Director, Prescon Group said, “The decision has come as a major move for the development of our commercial capital. Various societies and slums in the coastal areas will become viable for development. Mumbai is headed to become a global financial city and having beautiful waterfront properties will improve its appeal internationally. Developers must ensure the upcoming sea facing developments are environment friendly, aesthetically pleasing and customer friendly. This will boost the real estate demand in Mumbai in the coming years.”