Mumbai’s ambitious slum rehabilitation initiative has garnered significant interest from around 50 prominent developers, signalling a notable shift in the city’s real estate landscape. This surge of enthusiasm follows the Brihanmumbai Municipal Corporation’s (BMC) recent call for Expressions of Interest (EOI) for 64 slum redevelopment projects situated on municipal land across Mumbai. These projects are being offered under Regulation 33(10) of the Development Control and Promotion Regulations (DCPR) 2034.
Among the developers showing interest are major industry players including Adani Realty, Wadhwa Group, Rustomjee, Dosti Realty, JSW Realty, DHS Group, Jalaram Developers, Nilyog Developers, Asha Developers, and Chandak Realty. Representatives from these companies attended a pre-bid meeting where the BMC outlined 32 conditions applicable to slum rehabilitation, including incentives and provisions available during redevelopment.
A key concern raised by developers at the meeting was the uncertainty surrounding the exact number of eligible slum households. They emphasised the importance of accurate surveys to determine the true scale of residents, which is essential for effective planning and allocation of resources. Developers also requested greater flexibility regarding land reservations, as current restrictions sometimes limit the usable space available for redevelopment.
BMC officials assured attendees that all concerns would be carefully reviewed, and appropriate steps taken to resolve issues. The initiative offers several incentives to developers, including a Floor Space Index (FSI) of up to 4, fungible FSI, and Transfer of Development Rights (TDR). These measures aim to make slum rehabilitation projects more attractive by enhancing the profitability of free-sale components.
The administration has also indicated that policy relaxations may be considered if necessary to ensure timely project completion. This development marks a significant stride forward in Mumbai’s efforts to tackle slum rehabilitation challenges. The active involvement of leading developers reflects growing confidence in the viability and potential profitability of these projects, promising substantial contributions to the city’s urban renewal.
Source: Prop News Time
