With Development Plan Change, Mumbai To Go Taller
Prime Minister Narendra Modi-led central government has a promise to keep ─every Indian would have a roof over his head by 2022 under the ambitious housing for all programme. While the success achieved so far is not really encouraging, no stone is being left unturned as far as the planning goes. Mumbai’s new development plan (DP) is another part of that grand scheme of things. India’s financial capital would soon have five lakh affordable homes as the new plan starts seeing the light of the day.
The new DP (it would be effective from June 22 and cover the period between 2014 and 2034) that was unveiled on April 25 by Maharashtra Chief Minister Devendra Fadnavis would unlock large tracts of land for development in a city that is the second most crowded in the world already. By opening no-go areas for development and by allowing taller constructions through substantially increasing the floor area ratio, authorities aim to create eight million new jobs, apart from meeting the city’s ever-rising housing needs, of course.
At this point do note that about 3,355 hectare (8,290 acres) of land, which was previously designated as no-development zone, would be opened up for building houses and commercial complexes. It was 15 years ago when the state opened such large tracks of land for development. At that time, 600 acre of mill land in central Mumbai was unlocked. Of this, 2,100 hectares will be used for constructing affordable housing. Be ready, then, to welcome tall buildings in areas such as Malad, Dindoshi, Charkop, Vikroli and Bhandup.
Additionally, 300 hectares of salt pan land will also be used for the same purpose. That is the ground reality.
The FSI has been increased from 1.33 to 3 for residential projects and 5 for commercial ones. Mumbai suburbs will see the FSI rise from 2 to 2.5 for residential properties and from 2.5 to 5 for commercial properties.
Floor area ratio (FAR) also known as floor space index (FSI) is the ratio of the plot size on which the construction will be happening and the total permissible coverage area.
Also read: FSI In 10 Cities Of India
Real estate developers have lauded the move, calling it a serious effort on the government's part to provide affordable housing to its people.
“The new DP gives an impetus to affordable housing without compromising on the environmental aspect. It will boost construction activity in the city, owing to FSI revisions. This will lead to better supply of homes in Mumbai,” says Surendra Hiranandani of House of Hiranandani.
“For years, Mumbai’s development plans have focused on residential real estate. This time around, the focus has been equally placed on commercial properties, with a focus on decongesting the central business district areas as also extending the ‘walk to work’ aspect to newer locations,” Hiranandani Constructions Managing Director Niranjan Hiranandani was quoted by Business Standard as saying.
Since supply will increase, rates of property in Mumbai that is known among the most expensive real estate markets in the world would see a correction in future. However, experts have raised concerns about the pressure the city’s infrastructure would witness in times to come. A plan on how authorities plan to deal with the teeming numbers that would occupy the new and affordable homes in future has yet to be made.