Boost to Massive Redevelopment in Mumbai
Mumbai's redevelopment policies are set to undergo significant changes with a new initiative that promises greater profits for both developers and residents. This fresh policy is expected to make projects more aesthetically pleasing compared to previous redevelopment efforts.
Key Highlights:
Larger Flats for Larger Clusters: The size of individual owners' flats will increase proportionally to the size of the cluster undergoing redevelopment. This will streamline negotiations between societies and developers.
Minimum Area Remains One Acre: The minimum area requirement remains one acre, with a minimal flat size of 300 sq ft. Larger areas will mean bigger flats for residents.
Proposed Changes:
Expansion Beyond South Mumbai: The proposed plan will replace the existing cluster redevelopment rule under Development Control Rules, expanding its scope beyond just South Mumbai, which has many older structures in need of redevelopment.
BMC's Role: The BMC will identify one-acre areas suitable for cluster formation. Several clusters can then combine to form mega-cluster redevelopment projects. The government aims to encourage more societies to participate in these redevelopments.
Avoiding Litigation: To prevent litigation issues, the government may specify benefits for mega-clusters.
Panel Involvement:
- A panel consisting of top officials from the BMC and MMRDA, along with the Slum Rehabilitation Authority chief, is revising the new policy. They have incorporated suggestions from the property owner association and the Maharashtra Chamber of Housing Industry.
Migration Option for Developers:
- Developers who initiated cluster redevelopment under the older rules will have the option to shift to the new policy. This move comes in the wake of the earlier redevelopment policy's lack of success, as evidenced by the slow progress of the Rs 5,000 crore Bhendi Bazaar project by the Saifee Burhani Upliftment Trust, which spans 14.5 acres.
These changes aim to address the shortcomings of previous policies and streamline the redevelopment process in Mumbai.