Experts opines, redevelopment the need for Mumbai

By Accommodation Times News Service
The experts and analyst has come up with new theory seeing the availability of land in Mumbai drying up, real estate experts believe redevelopment is the only way forward for the megapolis. According to them availability of land is scarce due to sky-rocketing land prices and limited expansion possibilities, redevelopment has become the need of the hour. There are hundreds of old buildings in the city which are almost beyond repair and so many big developers are into redevelopment projects to leverage the incentives offered by the state. Kalp Taru, Hiranandani group, Godrej Properties, Omkar Realtors are some of the players who have put their hand in redevelopment. Jones Lang LaSalle Chairman, Anuj Puri said that if redevelopment plans used correctly it can be the engine for economics. It also helps in boosting property value, creates jobs and eliminates urban decay and improves infrastructure. Adding further he said, other benefits are reduced urban sprawl, improved economic competitiveness of a city’s centre and better opportunities for safety and surveillance. Lalit Kumar Jain said the regulatory bottlenecks should stop acting like dampeners; the main challenge is timely regulatory approvals and the number of clearances. The government needs to look at the realty reforms and relax FSI. Funding is also one major problem as the builders have to wait for domestic routes with ever increasing rates of interest.

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