Business Wire India
After a long wait the Mumbai Development Plan 2034 (DP2034) is finally out. It brings in a serious effort by ensuring the target of affordable homes get constructed within a reasonably short time, given the opening up of various categories of land on which such construction was earlier not allowed. The Mumbai DP2034 has two points which need a closer look – first, increase in paid FSI is what the state government hopes will help fill up civic and state coffers. Secondly, while it has moved away from the Transit Oriented Development (TOD) model, the government has plans to permit high density developments near major transit intersections, both of these points are positive.
In the residential segment, enhanced FSI in the island City brings hope and cheer for many residents, with development under cluster development route now at an FSI of 4, while non – cessed dilapidated tenanted buildings in the island city turn viable, now with an FSI of 3. Incentives for redevelopment of slum colonies by increasing the ‘in situ’ FSI for slum redevelopment to 4, while redevelopment of larger slum enclaves will be eligible for additional incentives. The new rules permit the Slum Rehabilitation Authority (SRA) to relax tenement density norms, which will boost the sale component. The Mumbai DP2034 brings in a serious effort as ensuring the target of affordable homes get constructed within a reasonably short time, given the opening up of various categories of land on which such construction was earlier not allowed.
FSI has also been increased for public parking lots on private lands in the suburbs, construction of homes for mill workers and project-affected people and mass housing projects for low-income segments on private lands. Similarly, the DP focuses on commercial activities, the logic being these will play a major role in enhancing GDP growth. The Mumbai DP2034 significantly hikes FSI for commercial, retail and hospitality segments. Similarly, for financial technology and bio-tech parks as also medical and educational hubs. This hiked FSI for commercial real estate is expected to not just enhance GDP growth, but also encourage employment and economic development.
Mumbai DP2034 addresses Mumbai’s problem of land shortage for Affordable Housing, it has the biggest opening up of land – approx. 3,700 hectares – for housing purposes. This has the potential to provide approx. 10 lakh ‘affordable housing’ homes. To achieve this, salt pan lands and land earlier earmarked for tourism development have been opened up for affordable housing.