Mumbai, one of the most vibrant cities in India, is changing as a result of the numerous redevelopment projects that are springing up in the island metropolis and its surrounding suburbs.
Even though redevelopment initiatives currently account for one out of every three residential launches, slum rehabilitation is still a major problem that has to be handled. Smaller, local developers continue to dominate slum reconstruction, which is mostly overseen by the Slum Rehabilitation Authority (SRA).
Larger real estate corporations are more likely to shy away, citing unresolved land difficulties, political meddling, and the difficulty of dealing with slum people as obstacles. Well-known developers in Mumbai, including Godrej Properties, Raymond Realty, Mahindra Lifespace Developers, and Rustomjee, have mostly concentrated on revitalisation projects in non-slum regions.
The “free-sale component,” which enables developers to sell a piece of the product on the open market, provides an incentive for them. Even so, most big developers are still reluctant to work on slum redevelopment projects.
MHADA has begun evaluating 17 of these projects, totalling about 25,000 dwelling units. The Ramabai Ambedkar Nagar slum in Ghatkopar (East) will be redeveloped according to a recent agreement between the MMRDA and SRA. This is the MMRDA’s first venture into slum rehabilitation.
Despite the difficulties, a lot of people think that slum restoration is still possible if local and major developers work together. While larger developers have the financial and professional capabilities to clear slumlands, local developers may have a greater awareness of the ground realities, particularly the intricate relationships required to execute large-scale redevelopment projects.
Source: Money Control
