Mumbai Development Plan 2034 Opens Up 3,700 Hectares For Affordable Housing
After almost three years, the Mumbai Development Plan 2034 has finally received a go ahead. It opens up 3,700 hectares of land that was earlier designated as a no-development zone for construction of residential real estate, especially affordable housing and commercial complexes in the city. As many as 2,100 hectares will be released for affordable housing under the Plan.
While experts have termed it as a great positive for affordable housing development in the city, Chairman – ANAROCK Property Consultants has warned that if infrastructure development does not keep pace with increased construction, the stress on civic amenities and traffic may worsen in the city.
The document will determine the city’s land use pattern for the next 20 years. Mumbai Development Plan 2034 is likely to spur real estate activity in the city and also pave the way for the development of much-needed affordable houses in the Maximum City.
Of the 16,700 hectare No Development Zone (NDZ) in the city, 12,900 hectares of land has now been classified as Natural Area (NA), which includes parts of Sanjay Gandhi National Park, mangroves, salt pans and parts of Film City and Aarey Milk Colony, along with a few regions under Coastal Regulation Zones (CRZ).
MDP 2034 proposes to unlock 3,700 hectares of public and private land currently tagged as NDZ – this massive land unlocking will open new avenues for real estate development.
It sets a target to construct 10 lakh affordable homes through the unlocking of NDZ. This will prove to be a major push for the affordable housing segment, and much needed to accommodate the ever-increasing population in the city.
The move would bring the much-needed stability in the real estate market. Key measures such as significant increase in the FSI for residential development particularly in South Mumbai and the thrust on affordable housing through the opening up no development zones and salt pan land would boost the national vision of ‘Housing for All’.
Despite the long wait, the approval of the DP 2034 could be a silver lining amid the recent upheaval and slowdown triggered by regulatory reforms such as the Real Estate (Regulation and Development) Act. 2016 (RERA) and the Goods and Services Act (GST), says Chairman & Managing Director, Knight Frank India.
Source Link- https://www.moneycontrol.com/.