100% FDI in affordable rental housing soon: MoHUA
Hardeep Singh Puri launches NAREDCO’s initiative to sell houses online during COVID. August 2020
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 is expected to significantly change the skyline of the city.
As crucial as it is, the Development Control and Promotional Regulation (DCPR) has been highly criticised, stated Maharashtra Chief Minister Devendra Fadnavis while addressing the press at a National Real Estate Development Council (NAREDCO) event. “However, what has given DCPR appreciation is how it has been dealt with. The level of transparency adopted for the DCPR when it was finalised has satisfied everyone,” he added. “And this was achievable only because of Ajoy Mehta (Municipal Commissioner of Mumbai).”
As reported, the DCPR for 2034 talks of utilising salt pan lands for affordable housing. Of 3,355 hectare in a no-development zone, the Municipal Corporation of Greater Mumbai (MCGM) has earmarked 2,100 hectare as well as 330 hectare of salt pan land for affordable housing. Besides, it is also expected to create theatres, museums, parks, playgrounds, theme gardens, old-age homes and shelters for the homeless. Calling the DCPR collective wisdom, the Chief Minister said, “I think it is one of the most sustainable types of DCPR, where the needs of Mumbai have been taken care of without compromising on the sustainability of the city.”
To generate more jobs, the DP has given incentives to commercial structures to have extra floorspace index (FSI); subject to road width, extra FSI will also be granted to residential buildings. “The DCPR 2034 has opened new doors of opportunities for developers with the introduction of new 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,” said Rajan Bandelkar, President, NAREDCO West.
For his part, Shishir Baijal, Chairman & Managing Director, Knight Frank, said, “With the release of DCPR 2034, the last level of uncertainty has ended. The developer community can now progress with confidence. 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.”