Redevelopment projects are happening on a high pace in Mumbai
As the availability of open land in Mumbai became limited, most of the builders in the city are looking at investing in redevelopment projects in Mumbai.
According to real estate analysts, the growth of real estate, particularly the fresh supply of apartments, depends on the redevelopment projects as the amount of unoccupied land is very less.
As a result, slum redevelopment schemes as well as redevelopment of old ceased-buildings is playing a key role in realty development in Mumbai.
Scarce availability has made land parcels expensive in the city, resulting in higher project cost. However, in case of redevelopment and rehabilitation, land cost is much lower and provides better returns to both developers as well as investors.
There are over 20,000 housing societies, 17,000 ceased buildings and over 3,000 MHADA (Maharashtra Housing and Area Development Authority) structures, which are waiting for redevelopment proposals.
The Maharashtra government is planning to prepare a master plan for the development of the mega polis. In a proposed amendment, the government has planned to raise the floor space index (FSI) to 3 from the current 2.5, for redevelopment of ceased buildings.
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Source: The Hindu Business Line
Apartments in Mumbai, Mhada, open land in Mumbai, Projects in Mumbai, Real estate in Mumbai, Redevelopment projects in Mumbai
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