Looking at the expanding real estate market, India Infoline Finance Ltd (IIFL) has invested Rs 260 crore in three projects across Mumbai.The investment is primarily by providing loans to the developers of the project for acquiring land and construction rights.
In the fifth of a series of interviews with prominent engineers, Janaki Krishnamoorthi meets DR Hadadare, General Manager (Engineering), Shivshahi Punarvasan Prakalp Ltd (SPPL), and Chief Engineer/State Nodal Officer for schemes under Jawaharlal Nehru National Urban Renewal Mission (JNNURM), and Maharashtra Housing and Area Development Authority (MHADA).
With little or no unused land available for construction, developers in Mumbai are increasingly treading the redevelopment path. In any case, this is where the future of realty lies, according to most experts.
Redevelopment, rehabilitation and upgradation projects are those that involve any new construction or reconstruction on a site with a pre-existing structure such as an industrial site, residential building, commercial complex or mixed-use structure.
The cluster redevelopment policy has, since its launch in 2009, undergone a series of amendments. Earlier this month, Chief Minister Prithviraj Chavan put it on hold; recently, he proposed radical changes to it.