Niranjan Hiranandani, President NAREDCO
NEW DELHI: For years, Mumbai’s Development Plans focused on residential real estate development. This time around, the focus has been equally placed on commercial real estate, with twin focus – first, on decongesting existing CBD areas as also extending the ‘walk to work’ aspect to newer locations, according to Niranjan Hiranandani, President NAREDCO.
Today, Maharashtra government has approved Mumbai’s long pending Development Plan (DP), which will be in reckoning for the next 20 years. Chief Minister Devendra Fadnavis sanctioned the new 20-yr development blueprint.
“The Mumbai Development Plan 2034 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,” he said.
“Similarly, there is a acceptance of the fact that GDP growth will not happen only because of industrial production, but commercial activities will play a major role in enhancing GDP growth – the DP shows significant hikes in FSI for commercial, retail and hospitality. Similarly, for financial technology and bio-tech parks, medical and educational hubs. The FSI hike for commercial real estate is expected to not just enhance GDP growth, but also encourage employment and economic development,” he added.