The Maharashtra State Government has finally given its official sanction to the Mumbai DCPR (Development Control and Promotion Regulation) 2034 through the issuing of a corrigendum. The EP (Excluded Part) of the new development control regulations 2034 was expected to be implemented from the 24th of October, 2018 and this was postponed to the 13th of November, 2018. This move could be a welcome development for the real estate sector in Mumbai and has been hailed by industry players and experts.
Mumbai will develop better with the implementation of this new blueprint. This master plan is progressive as per reports and has managed to satisfy almost all the stakeholders in the venture. This also indicates that work will start again for on-going real estate projects which was stalled till now. NAREDCO has welcomed this new decision, stating that homebuyers and real estate developers will equally benefit from this landmark decision.
The plan will tap 3, 700 hectares of land previously tagged in the NDZ or no-development zone and this will be used for development of residential real estate units. Prospective buyers can expect units of 30 sq. metres to be priced anywhere between Rs. 60-75 lakhs which is a major benefit, considering the sky-high values of property in the island city.
With the addition of more housing supply, price corrections of 10-15% may be possible in case the higher FSI (Floor Space Index) promised by the plan over the next 16 years, comes at more rational price points and not at a higher premium as per experts. There will be more units coming up in the affordable housing category which augurs well for countless homebuyers.
Apart from designated land parcels for building affordable housing projects, an extra 300 hectares of salt pan lands will be unlocked for affordable home development. Around 10 lakh affordable housing units will come up by 2034 as per reports. This will give a massive boost to overall housing supply and the real estate industry in Mumbai. The city is already witnessing the development of several competitively priced housing projects like Chandak Nishchay, Sethia Imperial Avenue and Godrej Sky Gardens Vihaa to name a few.
