1. DP plan is all set to boost development of Real estate sector?
Mumbai’s Development Plans focused on residential real estate development. This time, the focus has been equally placed on commercial real estate with twin focus – decongesting existing CBD areas as also on extending the ‘walk to work’ aspect in newer locations. The Mumbai Development Plan 2034 brings in a serious effort to ensure the target of affordable homes is met within a reasonably time, given the opening up of various categories of land on which such construction was earlier not allowed
2. The success of the earlier DP plan?
The Mumbai Development Plan (DP) for 2034 speaks about creating one million affordable houses and 8 million jobs in the city. The DP envisages creating theatres, museums, parks, playgrounds, theme gardens, old age homes and shelters for the homeless, which in turn is great boost for the economy. As per the last DP plan, major of the commitment remained on paper as BMC’s development plans have had a very dismal record of completion. In plain terms, all the talk of creating one million affordable homes and eight million jobs is likely to remain on paper because execution has been poor.
3. Under DP plan what type of projects would get a boost?
The new DP gives an impetus to affordable housing without compromising on the environmental aspect. It will boost construction activity in the city, owing to FSI revisions. This will lead to better supply of homes in Mumbai,”
4. Recently, Supreme Court lifted a two-year-old moratorium on new construction in the Mumbai city, your comments.
The decision of the Supreme Court brings relief to home seekers who had been facing the possibility of delayed possession of their homes. Across construction sites in Maharashtra, jobs are secure and with construction activity continuing, stakeholders including material suppliers will be pleased that off-take of construction material will continue.