The future: Redevelopment of old buildings, slum land | mumbai | Hindustan Times
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The future: Redevelopment of old buildings, slum land

mumbai Updated: Feb 10, 2010 00:52 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
Highlight Story

As Mumbai runs out of land, it’s the redevelopment of old buildings and slums that will meet the city’s housing needs.

“Whether salt pans will be opened up for development remains to be seen. Hence, redevelopment of slum land and old buildings will drive the market,” said Anuj Puri, country head, Jones Lang LaSalle Meghraj, a real estate consultancy.

Salt pans occupy 6,000 acres across Wadala, Kanjur, Nahur, Chembur, Ghatkopar and Goregaon. While this land was earmarked for housing, environmental concerns have held up the plan.

Mumbai has over 16,000 dilapidated chawls and buildings, mainly in the island city, apart from 15,000 crumbling cooperative housing societies in the suburbs that need redevelopment.

However, there are hurdles. “Redevelopment schemes tend to take years due to issues like obtaining members’ consent and official permissions,” said Puri.

According to Ramesh Prabhu, chairman, Maharashtra Societies Welfare Association, a minority of dissenting members holds up most redevelopment schemes in cooperative societies. “There is no competent authority to overrule such members, an issue that must be addressed urgently,” said Prabhu.

Another potential source of land for housing are the 91 acres occupied by nine mills in the island city, mainly in the Parel-Lalbaug belt. This land is set to be auctioned by the National Textile Corporation (NTC). However, say real estate experts, most of the land will go to premium housing.

“Earlier bids showed that mill lands are very costly, which forces builders to construct ultra-luxury houses there to recover their investment,” said Rajesh Vardhan, managing director, Vardhaman Builders. “Since each mill has huge tracts of land, we can plan it like a mini-township and offer multiple amenities to buyers,” he added. As Mumbai runs out of land, it’s the redevelopment of old buildings and slums that will meet the city’s housing needs.

“Whether salt pans will be opened up for development remains to be seen. Hence, redevelopment of slum land and old buildings will drive the market,” said Anuj Puri, country head, Jones Lang LaSalle Meghraj, a real estate consultancy.

Salt pans occupy 6,000 acres across Wadala, Kanjur, Nahur, Chembur, Ghatkopar and Goregaon. While this land was earmarked for housing, environmental concerns have held up the plan.

Mumbai has over 16,000 dilapidated chawls and buildings, mainly in the island city, apart from 15,000 crumbling cooperative housing societies in the suburbs that need redevelopment.

However, there are hurdles. “Redevelopment schemes tend to take years due to issues like obtaining members’ consent and official permissions,” said Puri.

According to Ramesh Prabhu, chairman, Maharashtra Societies Welfare Association, a minority of dissenting members holds up most redevelopment schemes in cooperative societies. “There is no competent authority to overrule such members, an issue that must be addressed urgently,” said Prabhu.

Another potential source of land for housing are the 91 acres occupied by nine mills in the island city, mainly in the Parel-Lalbaug belt. This land is set to be auctioned by the National Textile Corporation (NTC). However, say real estate experts, most of the land will go to premium housing.

“Earlier bids showed that mill lands are very costly, which forces builders to construct ultra-luxury houses there to recover their investment,” said Rajesh Vardhan, managing director, Vardhaman Builders. “Since each mill has huge tracts of land, we can plan it like a mini-township and offer multiple amenities to buyers,” he added.

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