The sky-line of Mumbai looks lively and modish with marvelous sky-touching towers. With assortment of residential and commercial swanky high-rises, the city observes a colossal construction boom. Though Mumbai is one of the most urbanized cities of our country, this centuries old metropolitan also has numerous localities which boast ancient and old architectures which are in crumbling condition. If one side there is posh high-class residences than on the other there are slum areas and aged dilapidated buildings. The population of Mumbai is too high therefore the demand for residences is ever-increasing but it seems that the city has already expanded from all its directions and now there is no room left for new development. The city already lacked for land space due to which it primarily grew in vertical way. It is almost an impossible mission to come up with projects on green fields. The only scope and hope left for this city is to shift their focus on redevelopment. As the city is surrounded with coastline it is not wide enough. The scarcity of land is one of the main reasons for the redevelopment plan in Mumbai.The state government has decided to come up with this plan over 5 years ago, now eventually the plan is taking shape. The buildings which were constructed several decades back obviously are now in bad condition and may collapse anytime. Some of them have already crossed their expiry period, for such structures renovation or redevelopment is essentially needed. This will certainly give a face-lift to this financial capital.Why redevelopment is the wisest option?
- As mentioned above, the city has very limited land for development which has already been utilized hence redevelopment is the only smart option left.
- Unlike other cities, the airport in Mumbai is present within the main city instead of outskirts which has again lead to land shortage.
- Redevelopment will also open up affordable housing options in this affluent city.
- The economically weaker sections of the society will get an opportunity to live healthily with high-quality housing options.
- The redevelopment process would include shifting of people and businesses.
- Redevelopment would take place on old buildings, mills and slums.
- Apart from improved dwelling, redevelopment will also provide job opportunities, improve infrastructure facilities, open up new business avenues and boost up the property values.
- One of the main benefits of slum or decaying buildings is that redevelopment is safe and free.
Redevelopment rules:
- According to the new redevelopment rules presented by the state government, the redevelopment or reconstruction of any structure would take place only if it is more than 30 years old.
- Approval from 70% of the landlords is required to start up the redevelopment process.
- The real estate parties who do not consent with the redevelopment plan should give extra compensation.
- The government has realized the seriousness of the redevelopment plan and hence has come up with a new policy to look after the redevelopment process taking place in the city under various norms.
The redevelopment segment will certainly foster in next 5 to 10 years and transform the entire Mumbai city into young and vibrant location.займ на карту без отказов круглосуточновзять кредит онлайн