Restoration of Andheri project on non-CRZ area finally gets consent
D N Nagar near Juhu link road, will finally be able to enthrall its residents with its refurbished look, after waiting for a span of eight years. The Co-operative Housing Society Union, with a strength of 480 units, signed a deal with Vaidehi Akash Builders, late in 2005, following a land regulation problem with the Maharashtra Housing Area Development Authority (MHADA). The plot in question comes under the MHADA territory and is located in a non-CRZ area, much to the relief of its residents and families.Credit goes to certain revised policies of the government that the so called âhousing complexâ got the opportunity to re-structure itself in the coming years.
In regard to certain changes in the real estate regulations of the government over the years, the FSI( floor space index) of all the MHADA plots rose from 1.2 to 2.5 in 2008. This served as an icing on the cake for the D N Nagar project. Adhering to the new rule, D N Nagar housing complex were favored with additional building rights on 11000 sq m area. Eventually, in 2010, Rustomjee Reality confirmed a reconstruction agreement of the D N Nagar project, that came into effect only in 2013.
D N Nagar is spread over an area of 2 Lakh square feet, offering shelter to hundreds of residents over the years. It is only with the no objection certificate of MHADA, Vaidehi Akash Builders got the green signal to raise buildings on 48524 sq m land, along with construction rights embodied as TDR on 36000 sq m area, in 2005. Late in 2010, government sanctioned the re-construction of D N Nagar that came into action in 2013. According to the re-development agenda, two 8-storeyed buildings along with four parking floors were designed for the residents of D N Nagar. The apartments would range from 1200 sq ft to 2185 sq ft.
According to the rules and norms of CRZ-2011, the no-development areas now constitute to only 100m (instead of 200m) and development of roads and old building structures is highly promoted. This acts as a real boon for a number of families and communities. Such a mitigation by CRZ will help around 146 slum motleys numbering around 2.5 lakh people. It is also expected to expediate cluster of 38 fisherman suburbs and aid more than 38000 families to restructure their house conveniently.
The residential market of Andheri-Mumbai, is expected to experience a severe boom in coming years. Excellent connectivity to eastern and western suburbs and a wide array of furnished and un-furnished residential enclaves makes Andheri the pick among the lot. Having a price range of 11000-20000 per sq ft, for all housing projects in Andheri East, the residential real estate market of Mumbai is quite likely to experience appreciation by 125-133% in upcoming years. According to the latest Knight Frank’s advisory report, adjacent to prime office markets, decisive location and looming infrastructure such as Eastern Freeway project and Monorail, adds to the overall credentials of the residential real estate in Andheri.
