NEW DELHI:The Maharashra Government’s approval on the long-pending Mumbai development plan (DP) 2034 is a welcome move, according to Anuj Puri, Chairman – ANAROCK Property Consultants.
The DP is likely to spur real estate activity in the city and also pave the way for the development of much-needed affordable houses in Maximum City. Let’s look at the major highlights and likely impacts of this Development Plan:
Highlights of DP 2034
Overall NDZ is 16,700 hectares of which around 12,900 have 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 CRZ.
DP 2034 proposes to unlock 3,700 hectares of public and private land currently tagged as No Development Zones (NDZ) – this massive land unlocking will open new avenues for real estate development
There is a target to construct 10 lakh affordable homes through unlocking of NDZ – this is a major push for the affordable housing segment, and much needed to accommodate the ever increasing population in the city
The largest additions to the city’s developable land banks in recent history
FSI levels in the Island City are raised up to 3, in the suburbs FSI is retained at 2.5
Impact Assessment
Massive real estate activity in the Island City and suburbs
Highly positive for affordable housing development in the city
However, if infrastructure development does not keep pace with increased construction, the stress on civic amenities and traffic may worsen in the city