15.4.13

Redevelopment of Mumbai


With the availability of land in Mumai drying up, real estate experts believe redevelopment is the only way forward for the megapolis.
Availability of land is scarce. Due to sky-rocketing land prices and limited expansion possibilities, redevelopment has become the need of the hour, says Nikhil Bhatia, head of real estate consultant CB Richards Ellis’ western region. There are hundreds of old buildings in the city, which are beyond repair, he said.
Big developers are now pursuing redevelopment projects to leverage the incentives offered by state.
For redevelopment, the government offers floor space index of two (for Maharashtra Housing & Area Development Authority-cessed buildings, it is three).
DB Realty, Tata Housing, Unitech, Godrej Properties, Kalpataru group, Omkar Realtors, Hiranandanis, Oberoi Realty, Hubtown, Kumar Urban Development, Vakratunda group, HDIL and S Raheja are some of the leading players who have entered the redevelopment space now.



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