In Navi Mumbai, realty projects worth ₹5,000Cr to inch ahead; 3,500 buildings awaiting redevelopment to benefit
Following the Airports Authority of India’s (AAI) decision to relax the earlier cap imposed on the elevation levels of city buildings in Navi Mumbai, the realty projects worth ₹5,000Cr will now get clearance along with mega development plans of another ₹5,000Cr on the open plots across the city, as per the estimates of CIDCO.
The developers association said that blue prints of over 100 new building projects are presently being reworked by architects in the city following the relaxation. Apart from the new buildings, over 3,500 buildings awaiting redevelopment in the city will also be now fast-tracked.
Within the 20km radius of Navi Mumbai International Airport Limited (NMIAL), height permissible for buildings was only up to 55.01m.
On July 30, the AAI agreed to grant No Objection Certificate (NOC) for buildings with a planned elevation of more than 55.01m (15 to 16 floors). Buildings in the city, as per the revised guidelines, can now go up to 160.1m (48 to 50 floors).
As a result of this relaxation, the Satellite City of Navi Mumbai will see major developments in the city in the coming few years.
“Since 2018, with just one Floor Space Index (FSI), for developers, it has been a tug of war between providing amenities and gaining profit. With the relaxation on height, the automatic benefit is the eligibility for increased FSI that can now even go up to 4,” said Haresh Cheddha, president of CREDAI Builder Association Navi Mumbai (BANM).
Another crucial benefactor are the 3,500 dilapidated buildings in the city waiting for redevelopment. Kishor Patka, secretary for Kailash Housing Society comprising 600 flat owners in Vashi that is awaiting approvals for undergoing redevelopment for a decade, said, “Redevelopment projects have now become viable for both builders and the flat owners, therefore making it a win-win situation. With the removal of height restriction, there is optimum utilisation of 2.5 FSI granted. From the earlier 24th floor plans, now we can get proposals that can go up to 44 floors.”
The breaking of the deadlock is suggested to have opened the gateway for more structured development work through the corporate sector.
“Realty sector is going to see an amplified growth because of this one crucial decision as the corporate sector, until now, was reluctant to invest. Certainly, the realty rates are projected to show an increase by at least 40% in prime locations like the Palm Beach belt but this also means for buyers there will be better built up, open space and amenities to choose from,” said Bhupendar Shah builder and trustee board of BANM.
AAI is now expected to release the much-awaited colour-coded zonal map (CCZM) to give a clear understanding of the permissible heights for buildings.
“In another three months the CCZM will be finalised and released. It should address the concerns about actual permissible heights for buildings in and around the airport. Until then, AAI has offered to accept applications for permissions an on individual basis,” said Sanjay Mukherjee, vice-chairman and managing director, CIDCO.
Growth in real estate can put stress on infra, planners
Amidst the melee of lauding the move, there are even concerns voiced by retired urban planners about the stress the surge of development is going to put on the city’s infrastructure. Planners involved with the development of the city in the 1970s have asked the planning bodies to be equipped with a master plan to augment the road, sewerage, and water system.
“Airport was never in the planning stage of the CIDCO. In fact, at the existing airport site, the plan was to set up a central business district with a huge man-made pond. With the change in plans, there will be an influx in population and motor movement as well. Both CIDCO and NMMC now have the challenge to upgrade a public utility system that is sustainable for at least 15 years,” said Arun Mhaisalkar, former urban planner with CIDCO.
According to Mhaisalkar, the planning bodies will have to think of constructing more underpasses, flyovers, re-laying of sewerage lines as well as enhancing water drawing capacity.
“The centralised location of the airport will mean that there will be a dramatic growth even in the commercial sector. So, parking and traffic is going to see a manifold increase which the concerned corporations will have to address. Likewise, a thorough study whether the existing sewerage system and water supply network is provisioned to cater to approvals being sought for new buildings as well as redevelopment projects is also required,” Mhaisalkar added.
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