Real Estate Expert's

Mumbai 2.0: A Redeveloped, Revamped Skyline

From consisting of seven islands that were largely inhabited by the fishing community, to becoming a bustling metro that is today the financial capital of the country, Mumbai has come a long way. In tandem with the transition, the city has transformed at a phenomenal rate and has reclaimed land at several places to meet the increasing space crunch demands. Today, there are a large number of residential structures which have well crossed the 30-year-mark and are in a dilapidated condition. And now with the limited availability of land parcels, developers have turned to the redevelopment of existing structures to meet the present and future needs of the ever-growing city.

For a city like Mumbai, redevelopment has emerged as the most viable option to revamp the city’s skyline. By demolishing existing structures to replace them with modern, more stable buildings, redevelopment will take care of the need to increase urban housing as well as make optimum use of the available land.

Subject to approvals from the Municipal Corporation of Greater Mumbai, redevelopment is an economic solution for buildings and housing societies that require immediate attention but are cash-starved as well. Moreover, as the city has reached its saturation point, builders have realized the importance of redevelopment. There are several structures across Mumbai, which are in dire need of attention.  If left unattended, these can prove fatal as they will not be able to withstand natural calamities as well as pressure from upcoming projects in the locality.

A recent example to validate the need for redevelopment stems from the collapse of a building in Ghatkopar. Although the building was already in a visibly dilapidated condition, there were renovations taking place in one of the commercial establishments in the premises. Had there been a prior structural audit conducted before undertaking any works, the building would have been identified as unsafe, thus avoiding the loss of life and property. These, as well as several other incidents of buildings collapsing across Mumbai, have further emphasized the urgency for redevelopment to take flight.

While much has been spoken about the advantages of redevelopment among government and industry leaders, we have seen there is uncertainty among the general public about the same. What redevelopment essentially provides for are new homes, without the financial burden. Residents are also able to enjoy added amenities like gyms, security services, car parking etc. The newer structures are also earthquake resistant, as mandated by the government. Buildings constructed under redevelopment projects are also a lucrative prospect for increasing housing stock, which will ultimately bring about price stability, helping fulfill the Government’s vision of housing for all.

With the implementation of RERA, developers will not only have to register the entire project after obtaining necessary sanctions before they can begin advertising, but will also have to invest their own money into the project as well as provide quarterly updates to the necessary authorities. This is no doubt a consumer-friendly move, and we are hopeful will garner positive attention towards redevelopment.

With several economic and social benefits of redevelopment, we are confident that this new age approach to construction will result in an improved skyline and a better quality of life.

By Mr. Pranay Goyal, Managing DirectorWedevelopment

 

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