@Sunil,
Builders are thinking that among number of other changes, the plan had increased the floor space index, which indicates permissible construction on any plot. According to experts, if height and developable limitations are re-engineered, companies will have to go back to the drawing board and reconstruct plans.

Sandeep Mhatre, Mumbai

8th May 2015

Comment

it indicates that that the coming year will be a period of uncertainity and a number of project launches will be stopped. Then Developers will must have difficulty to lock project layouts as the new plan will have different rules for open space regulations, height restriction of buildings and general usage of space.

Miraniyatin, Mumbai

8th May 2015

Yes, and it will help the buyers in many ways as Maharashtra Govt. has directed MCGM to submit a re-worked plan by August, after which it will be open for further suggestions.

Sandeep Mhatre, Mumbai

8th May 2015

I can only say that the buyers should analyse their needs well to decide if they should buy from the projects available now, or if they can wait until clearness comes out via the new Development plan.

Miraniyatin, Mumbai

8th May 2015

Hey Ketal & manish,
The interesting part of Mumbai Real Estate is that every single day you will get some information on Realty market. Today, it came to know that major developers of Mumbai withold their launches while the city is waiting for its new development plan. is it a good sign for Mumbai Realty Market?

Sunil Kulkarni, Pune

8th May 2015

Comment

Yes, It is absolutely a good sign for the market as well as for the buyers & developers as well. Even, i read in article that Oberoi Realty has held back the launch of its Borivali project, which was projected to have 800-1000 apartments, while Godrej Properties has held back 3 projects due to the confusion.

Himangi deshmukh, Delhi-NCR

8th May 2015

Such project are in with hold due to new development plan as the developers are thinking that their might be few changes in New Development plan. The Mumbai real estate market is expected to see a further drop in new project launches and probably, even in sale of apartments are in doubt over the new development plan of the city.

Sunil Kulkarni, Pune

8th May 2015

May be Sunil, because major developers of Mumbai are looking forward to delays in launches, they need some clarifications relating to the new development plan.

Himangi deshmukh, Delhi-NCR

8th May 2015

Yes, the state government has asked the Municipal Corporation of Greater Mumbai to modify the new development plan 2034 for Mumbai on April 21, after it got huge criticism.

Sunil Kulkarni, Pune

8th May 2015

Which are the major areas where BMC should work out until the revised development plan was tabled?

Manisbapu, Mumbai

7th May 2015

Comment

Hi Manish,
First and primarily, the current land use map needs to be corrected. This is simply a case of correct and accurate documentation of the on-ground situation, and there can not be any margin for error here. Pressing out the errors on this level will make sure that the base for the DP is accurate and reliable,

Anuskha Chandan, Mumbai

7th May 2015

Apart from that there are certain points where the DP should also detailed on: 1) How it aims to address the problem of affordable housing, 2) How the infrastructure is to keep tempo with the requirement coming up out of population growth, 3) How the city can improve and increase its open spaces, and, 4) How the concept of differential FSI and transit-oriented densification and development can help the city to improve the entire standard of living, create and manage resources, and keep competitive.

Manisbapu, Mumbai

7th May 2015

You mean the current uncertainty will continue, until the revised development plan is tabled.

Ketalpujara, Mumbai

7th May 2015

Right Ketal,
Developers will wait to study the suggestions and their implications before launching new projects. In the meantime, supply of new units may drop, and this will help in clearing the existing unsold inventory to some extent.

Manisbapu, Mumbai

7th May 2015

And buyers should analyze their needs well to decide if they should buy from the projects available now, or if they can wait until clearness comes out via the new Development Plan. Am i right?

Ketalpujara, Mumbai

7th May 2015

Hey all,
It came to know that Mumbai's Development Plan was throw away. What will be the reason of drawbacks? And people wanted to know what will be the next?

Shalini Parikh, Mumbai

7th May 2015

Comment

Gud Evening Shalini,
The major drawbacks was the mapping of existing land use and proposals related to densification, infrastructure, and open spaces. The approach of this Development Plan was to guide development with differential FSI as an instrument with densification of transport focused corridors.

Shaunak Verdla, Mumbai

7th May 2015

It is also came to know that the plan failed to provide sufficient idea and stand for aiding affordable housing that the city requires so desperately. The DP was not clear about whether the densification actions would do any good for housing of low income groups and middle income groups, which form the backbone of residential activity for any Indian city.

Shalini Parikh, Mumbai

7th May 2015

Right Puneet,
Only thing is that, we all need to be patient. Deals are not being started or are being placed back as value of these depend on the probable development that will be governed by the recommended regulations. According to guidelines from the state government, the civic body will be using the strict of the 2 development plans. Existing one and the suggested DP 2034 for approving any projects in the city.

Manilal Patel, Mumbai

27th April 2015

Comment

Hmm,
Developers will have to wait to study the plans and their effects before launching new projects. In the meanwhile, supply of new units may fall, which will help in clearing the existing unsold inventory to some level.

Puneet Laskar,

27th April 2015

As per CEO of Richa Realtors that had started talks for 5 redevelopment projects in Mumbai till the Development Plan 2034 was introduced, but had to keep the discussions on hold due to lack of clearness on the development prospective, and consequently, valuation.

Manilal Patel, Mumbai

27th April 2015

Hey,
Have you read the news that Maharashtra government is scrapping of the Mumbai Development plan? Do you know the result of it. It may throw the realty market into further mess, with deals for land packages, redevelopment projects and even private equity transactions for financing these projects in Mumbai getting stuck due to absence of clearness on the city's proposed development plan.

Puneet Laskar,

27th April 2015

Comment

Yup Puneet,
Really a sad news. Many of the city's projects have been in stuck since February when the Municipal Corporation of Greater Mumbai declared the new Development Plan 2034. getting huge complaints for large number of mistakes in the recommended plan, making the state government to discard it on Tuesday. It has also asked the civic body to modify it in 4 months.

Abhinandsavalla, Mumbai

27th April 2015

Hi Abhinands,
According to me, it's important that the government has identified that a large number of problems were part of the plan and they have put it on record. Accepting the faults will lead to fixing them and a better plan can be expected now.

Puneet Laskar,

27th April 2015

Well Mani,
I think that the major issue which will take place out of this final decision is what will happen in the changeover period till the new plan comes in. Due to uncertainty, developers will be unable to launch new projects. I hope that the new plan is executed at the earliest to avoid further negative impact on Mumbai’s real estate and its infrastructure.

Sanjana Jain, Mumbai

25th April 2015

Comment

HI All,
What i think that a development plan with a 20-year time period needs time to be perfected and looked into and if that means a year or two longer, there is no harm. And at the same time development rules are crucial for any city or even smaller regions, as a result planning will direct the shape and form they take over a period of time.

Pranab Malakar,

24th April 2015

Comment

Hi Pranab,
The biggest issue which will come out of this conclusion is what will take place in the changeover period till the new plan comes in. Due to uncertainness, developers will be unable to launch new projects. I hope that the new plan is executed at the earliest to avoid further negative impact on Mumbai's real estate and its infrastructure.

Roshni Pawal, Mumbai

24th April 2015

Hi Devesh & Sneha,
You both are doing a great job making discussion on the current topics. Announcement of the recommended DP, project approvals in the city had come to a halt. With its discarding, they expect project approvals and launches to pick up in the coming weeks. Nevertheless, demand continues to be weak and only well-priced, quality projects from reputed developers are expected to see movement.

Manilal Patel, Mumbai

24th April 2015

Comment

Hi everybody,
I think forum is the right platform for discussion on a topic related to real estate market in Mumbai. Day before yerterday, the Maharashtra government has asked the Municipal Corporation of Greater Mumbai to correct actual problems on land use in Mumbais draft development plan for 2034 and come out with a modified draft within the next 4 months.

Devesh Kumar, Ahmedabad

23rd April 2015

Comment

Yes, i read this news. And at the same time, the current DP will cease to exist after publication of the improved DP and the process of inviting suggestions and objections from citizens will begin once again.

A committee appointed by the state government under the chairmanship of chief secretary Swadheen Kshatriya in its report mentioned many cases of actual mistakes on existing as well as proposed land use.

Sneha Ambedkar, Pune

23rd April 2015

Right Sneha,
Are you a regular reader of realty news? What is your opinion on the draft DP that does not fixed away sufficient space for public amenities while putting no-development zones for residential uses? It also overlooked heritage structures in the commercial capital while making its ideas.

Devesh Kumar, Ahmedabad

23rd April 2015

@Devesh,
Not a regular but yes, a weekly reader. The plan came under major criticism as it proposed an increase in floor space index, which indicates allowable construction on any plot, setting up no-development zones for residential development, factual mistakes in existing land use and change in reservation policy and also suggesting opening up of 1287 hectares of Aarey Milk colony located in western suburb of Goregaon, among others.

Sneha Ambedkar, Pune

23rd April 2015

Hmm,
For which, the MCGM has got more than 25000 suggestions and objection from citizens of Mumbai. Having note of public outcry, chief minister Devendra Fadnavis on 7th June appointed a committee under the chairmanship of the chief secretary to go into ideas of the draft plan and make recommendations to the government.

Devesh Kumar, Ahmedabad

23rd April 2015

Hi,
It was also mentioned by the Chief Minister of Maharashtra that the government was in favor of discarding the draft DP, but said that a final decision will be taken only after report by the committee headed by chief secretary is obtained.

Sanjay Gupta, Delhi-NCR

24th April 2015

Hi everybody,
Apart from reducing space limitations and property prices, the higher FSI is also expected to unlock South Mumbai for utilisation of transfer of development rights (TDR), otherwise known as floating FSI.

Shalini Parikh, Mumbai

19th March 2015

Comment

@Dwarkesh,
But remember, the areas with the proposed FSI will also have to contribute% land area to public purposes and affordable housing, and hand it over to the Municipal Corporation of Greater Mumbai (MCGM).

Govinda,

19th March 2015

Comment

But at the same time, it has also attracted criticism by environmentalists and town planners. The move of increased FSI will not necessarily mean better housing for all residents of the city, going by past experience. While it may help a few residents in some areas, it will also add burden on environment, transport facilities and infrastructure.

Dwarkesh,

19th March 2015

I agree with your thought,
The increase in bulk FSI linked to only proximity to mass transit modes and not to the physical and social infrastructure will not improve the quality of life of average citizens.

Hence, while the increase of FSI up to 8 may sound good for several people, the BMC may have to rework the development plan in order to eliminate the problems associated with this increase.

Govinda,

19th March 2015

Hi,
The increase in FSI has certain benefits. This would relieve space constraints in Mumbai and remove price distortion the citys property market. Mumbais property is currently one of the most expensive real estate markets in the world. One of the primary contributors for this high values is the limited FSI in the city. The current FSI is 1.33 in the island city and 1 in the suburbs. Increasing this FSI in certain areas will allow the property prices to come down.

Govinda,

19th March 2015

Comment

Right Govinda,
The increased FSI will be implemented for a limited area, which qualify for obtaining this FSI. The plot size required to obtain this FSI will be higher. These plots will also have necessary requirements of energy conservation, solid waste management system, and grey water recycling and rain water harvesting.

Dwarkesh,

19th March 2015