With builders keen on submitting new construction plans,Mumbai’s real estate set for revival


By Accommodation Times Bureau

Mumbai: The financial capital of the country has always been a focal point of everyone’s attention, now more so with the dynamic changes introduced in the Real Estate sector which have further brought in systemic changes and made the industry more ‘consumer friendly’ is all in the midst of a major revival. Not just adhering to the norms in theory, but developers and planners are now keen more than ever before to give the city a major lift and they are doing this by submitting new construction plans to the municipality.

Between April 1 and August 24 this year, the civic building proposals’ department has received over 4,507 construction proposals for approvals, shows data compiled by the civic development plan department. Real estate experts say this is quite a turnaround from last year when the civic body received a total of 2,555 proposals between April 1, 2016 and March 31, 2017. “The first four months of 2017-18 have seen a significant upswing in the number of building proposals,” confirmed a senior civic official.

One can only be hopeful that a city which boasts of the highest property rates in the country which are built against a background of very poor infrastructure will now see the light of the day.

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