By Sidhant Shekhar Jha
Calling for a paradigm shift in Mumbai’s redevelopment landscape, Dominic Romell, Managing Director of Romell Group, projected a bold future for MHADA. Speaking at MHADA’s “Redevelopment Conference and Investors Meet” at MIG Cricket Club, he said, “If systemic issues are resolved and efficiencies are scaled up, MHADA has the potential to become a Rs 1 lakh crore market-cap entity.”
Romell urged developers and bureaucrats to foster deeper collaboration built on trust and transparency. “In the past, the industry was preoccupied with the infamous ‘Three Cs’ – capital, capacity, and collateral. Developers were hesitant to engage openly with bureaucrats, and the response was often mutual. But today, through the spirit of this conference, we’ve redefined those Cs into something more constructive — Communication, Connectivity, and my personal favourite – Cluster.”
He highlighted “cluster development” as the central theme of the event, advocating for holistic, community-centric planning over fragmented, plot-wise redevelopment.
On addressing redevelopment hurdles, Romell expressed confidence that project transfer delays are now being effectively tackled. He was optimistic that the backlog of 1,352 pending homes would see major reductions before the next conference, as stakeholders increasingly move from operating in silos to coordinated action.
Turning to project economics, he flagged a critical concern — the viability of redevelopment under current cost structures. Romell pointed out that the government-sanctioned construction rate of Rs 3,000 per sq. ft. does not factor in the 18% GST, disproportionately burdening slum rehabilitation and vertical developments. He called for a recalibrated cost model aligned with today’s high-rise landscape, moving beyond outdated norms set around seven-storey buildings.
