The government’s approval, on the long-pending Mumbai Development Plan (DP) 2034, is a welcome move. The DP is likely to spur real estate activity in the city and also pave the way for the development of much-needed affordable houses.
Highlights of Mumbai Development Plan 2034
- The overall no-development zone (NDZ) will be 16,700 hectares, of which around 12,900 hectares have now been classified as Natural Area (NA), which includes parts of Sanjay Gandhi National Park, mangroves, salt pans and parts of Film City and Aarey Milk Colony, along with a few regions under the Coastal Regulation Zone (CRZ).
- The DP 2034 proposes to unlock 3,700 hectares of public and private land, currently tagged as NDZs. This massive unlocking of land, will open new avenues for real estate development.
- There is a target to construct 10 lakh affordable homes, through unlocking of NDZs. This is a major push for the affordable housing segment and much needed, to accommodate the ever increasing population in the city.
- The DP has the largest additions to the city’s developable land banks, in recent history.
- Floor space index (FSI) levels in the island city have been raised up to 3, while in the suburbs, the FSI is retained at 2.5.
Mumbai DP 2034: Impact assessment
- Massive real estate activity in the island city and the suburbs.
- Highly positive for affordable housing development in the city.
- However, if infrastructure development does not keep pace with increased construction, the stress on civic amenities and traffic may worsen in the city.
(The writer is chairman, ANAROCK Property Consultants)