The 2034 Mumbai Development Plan has received affirmation from the authorities. This will free up 3, 700 hectares which were previously allocated as no-development areas for residential real estate development. This new move will give a major boost to commercial real estate and affordable housing in Mumbai. There is a plan to free up 2, 100 hectares for affordable housing as per the Mumbai Development Plan. Real estate market experts have hailed this move as a boon for the affordable housing space in Mumbai.
However, infrastructure development has to be in sync with growing construction. The No Development Zone (NDZ) of 16, 700 hectares has now been changed with 12, 900 hectares being classified as NA (Natural Area) which encompasses mangroves, Sanjay Gandhi National Park, portions of Aarey Milk Colony and Film City and some areas under Coastal Regulation Zones (CRZ). The real estate industry will benefit with 10 lakh affordable homes being targeted through NDZ unlocking. This will boost the affordable home category.
This will be a massive addition to the land bank in Mumbai as per reports. The FSI levels in Mumbai have also been scaled up to 3 and this is 2.5 for the suburbs. This will also give a boost to construction. FSI in Mumbai was previously lower as compared to FSI in the suburbs. The FSI in Mumbai has been increased above FSI in the suburbs. This will create higher supply in Mumbai.
BMC has allocated Rs. 2, 400 crore for infrastructural development. This new development plan will usher in higher stability for the Mumbai realty market. FSI increase for South Mumbai residential development and emphasis on affordable housing through freeing up salt pan lands and no development zones will also boost the mission of Housing for All. The development of 120 hectares of open spaces on the Eastern Waterfront through the PPP model will help in enhancement of the ratio of per capita open space in Mumbai. This will free up the waterfront of the city for retail, recreational and entertainment ventures. The Canary Wharf redevelopment project could be a model for Mumbai in this regard.