By Accommodation Times Bureau
Recently, the Development Plan (DP) 2014-34 was finally passed in the Brihanmumbai Municipal Corporation (BMC). This plan will be the blueprint for the city’s land use, over the next two decades, and it says that real estate to grow in Mumbai.
The draft DP has gone through a thorough lengthy revision process since it was first unveiled in 2015. The plan has since then gone through a process of public suggestions and objections before it got the final nod. And the painstakingly accurate and careful research is stated that the repo rate will come down and real estate may see good days, in Mumbai.
Also RBI has declared that it is cutting the repo rate by 25 basis points. It can be foreseen that the real estate will grow in Mumbai. The Repo rate has become 6 per cent, down from the previous figure of 6.25 per cent– it is the lowest in last seven years.
BMC officials said here that Mumbaikars will get more open spaces, 10 lakh affordable homes, more commercial space with the allotment of five FSI to create eight million jobs, a central park, 120 hectare of new green space and a world class museum.
On this situation, Vidip Jatia, Director, Belmac said, “The government has taken the initiative to fast track pending approvals and this has caused various permissions to be fast tracked. This has enabled developers to plan the launch of their future projects. However considering the current scenario, one of the major boosts which will increase customer enquiries has been the reduction in the home loan interest rates. This has enabled developers to offload low ticket size flats where customers have a high dependency on bank finances…”.
The BMC plan has made it clear that Mumbai’s vertical growth is inevitable. BMC has earmarked Rs 2,400 crore in the current fiscal year for implementation of the plan and there will be a subsequent increase to Rs 5,000 crore in the next three years.
Home buyers are happy on this news and are hoping the process of buying flats will become smoother now. Experts are saying the better housing at cheaper rates is taking its toll in Mumbai.