How SRA Projects Are Shaping Mumbai’s Changing Real Estate Landscape

Mumbai’s Slum Rehabilitation Authority (SRA) projects are reshaping the city’s real estate sector and addressing its critical housing shortage. Since its founding in 1995, the SRA has finished more than 2,300 projects, housing 2.5 lakh families. Approximately 1,700 projects are still in progress. These programs create cheap homes and revitalise neighbourhoods by converting impoverished regions into contemporary residential and commercial spaces.

In exchange for the ability to economically develop portions of the property, the SRA model permits private developers to construct homes for slum dwellers. The in-situ rehabilitation strategy under Development Control Regulation 33(10) is formalising informal settlements, which benefits both developers and residents, according to Domnic Romell, President of CREDAI-MCHI.

Although there are still issues like eligibility challenges and project delays, the overall effect is evident. With more than one million square feet of restoration projects underway, developers like the Chandak Group are spearheading the change. According to a spokeswoman, their efforts improve access to facilities and transit by integrating slum dwellers into the city’s infrastructure.

A major milestone was recently reached in Santacruz when Transcon Developers turned over 148 repaired units. SRA redevelopments improve communities and families’ quality of life, according to director Shraddha Kedia-Agarwal. Samyak Jain of Siddha Group also mentioned that their objective is to design high-quality living areas that complement Mumbai’s developing infrastructure.

In addition to addressing the housing issue, SRA programs are advancing social justice and economic expansion. These projects are creating a future where all Mumbaikars will have access to decent living circumstances by converting slums into bustling urban areas.

Source: Urban Acres

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