Knight Frank India has launched a report titled 'DCPR 2034 - Deciphering Mumbai's Future' on the Mumbai Development Plan 2034-Development Control Promotion and Regulation (DCPR 2034).
The report delves into the fine print of the DCPR 2034 and what it spells for the residential and office sectors.
Elaborating on the report, Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, 'With the release of the DCPR 2034, the last level of uncertainty has ended. The developer community can now progress with confidence.
The development plan is a crucial policy, which can shape the future of our city. Hence, it should be given paramount importance. The current DCPR 2034 has several positives and is a step in the right direction. However, we believe that there will be areas to work on further.'
The DCPR 2034 provides a fillip to the commercial sector in Mumbai by way of incentivised FSI. However, the high cost of the FSI could be a challenge. 'On the residential front, measures such as opening up of land for promoting affordable housing and unification of carpet area definition will prove to be a boon for homebuyers. All in all, the current DCPR 2034 has something to offer to all stakeholders and we are optimistic that it will have far reaching implications on Mumbai's growth over the next two decades,' Baijal added.
One of the essential findings of the report of link permissible FSI to road width ensures that taller buildings could be constructed if only the road width can support it, thereby reducing congestion. Also, the DCPR 2034 provides higher FSI for office developments, if the road width is greater than 12 m or else it will be the same as residential. Besides, the FSI has been increased in the DCPR 2034.
Also the DCPR 2034, aims in generating 8 million jobs in Mumbai by increasing the supply of office space. The higher FSI is aimed at incentivising commercial development over residential development. Similarly, the DCPR 2034 aims to promote the development of Smart Fintech Centres by providing additional FSI as incentives.