Knight Frank India has launched a report on the Mumbai Development Plan 2034 – Development Control Promotion and Regulation (DCPR 2034). Titled DCPR 2034 – Deciphering Mumbai’s Future, the report delves into the fine print of the DCPR 2034 and what it spells for the residential and office sectors. The report was launched at a knowledge seminar on EODB and DCPR 2034 organised by National Real Estate Development Council (NAREDCO).
The report was inaugurated by Devendra Fadnavis, Chief Minister of Maharashtra, in the presence of Prakash Mehta, Honourable Minister for Housing, Government of Maharashtra along with Ajoy Mehta Commissioner, MCGM. Shishir Baijal, Chairman & Managing Director, Knight Frank India, presented this report to the luminaries.
Commenting on the report, Shishir Baijal, Chairman & Managing Director, Knight Frank India, said,“With the release of DCPR 2034, the last level of uncertainty has ended. The developer community can now progress with confidence. The policy provides clarity and focus for future development of Mumbai. The development plan (DCPR 2034) 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 has provided 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 home-buyers. 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.”
Rajan Bandelkar, President, NAREDCO West, said, “The DCPR 2034 has opened new doors of opportunities for the developers with introduction of new impactful norms including increase in FSI for office development, creation of smart cities, slum rehabilitation, linking of permissible FSI to road and adoption of RERA definition of carpet area. DCPR 2034 is progressive step taken by the authorities and it indicates a promising growth of the real estate sector.”
Key Findings – DCPR 2034
Linking of permissible FSI to road width
The DCPR 2034 provides higher FSI for office developments, only if the road width is greater than 12 metres or else it is same as residential
As the number of vehicles moving in and out of a commercial building throughout the day is higher than residential, the incidence of traffic jams outside commercial buildings can be reduced to some extent
The FSI for island city has been increased in the DCPR 2034. This increase in FSI accrues from increase in FSI on payment of premium and the increase in the quantum of TDR that can be loaded on the plot
This would ensure that there is demand for TDR generated through – surrendering land for road widening, slum rehabilitation and surrendering of reserved plots
Further, the government and the municipal corporation would earn revenues from selling premium FSI