After being delayed for nearly four years, Mumbai’s Development Plan (DP), which will determine the city’s land use and infrastructure development for the coming 20 years, has finally come into action. Besides generating 8 million jobs and 1 million affordable houses, the plan will significantly change the skyline of the city.

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.

2017 was a bad year for Indian realty. Launches dulled as the industry reeled under the impact of demonetisation and the newly introduced Real Estate (Regulation and Development) Act (RERA) and Goods and Service Tax (GST).

While 2018 has seen the teething problems of RERA and GST fast settling, which has also resulted in to substantial growth in new launches; India's leading builders see a positive impact of the reforms with growth prospects across sectors.

The Real Estate Investment Trust (REIT) reform was heralded as the initiative that would bring depth to Indian commercial realty.

In real estate residential segment, affordable housing is anticipated to take the lead in 2019. The infrastructure status and various tax incentives is expected to attract more prominent developers.

Indian home buyers have traditionally been at a disadvantage in the property market. Despite the fact that three in ten property projects are said to face some kind of construction delay, buyers who had to buy into under-construction projects because of budget constraints had little recourse if the project stalled.

The silver lining for residential property buyers was the June 2018 amendment of the Insolvency & Bankruptcy Code (IBC), 2016, which classified home buyers as financial creditors as opposed to their previous operational creditors status.

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