High-density population biggest challenge for Dharavi Redevelopment Project, says Gulam Zia of Knight Frank India

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Property registrations in Mumbai municipal region increased 15 percent this month to 8,756 units, up from 7582 units in November 2021, according to Knight Frank India.

According to the consultant, registrations have picked up in Mumbai with some moderation in the past six months. However, rising home loan interest rates, property prices, and stamp duty have hindered homebuyers' affordability.

Amid this Dharavi Redevelopment Project remained a major focus. The Gautam Adani-led Adani Group has acquired the rights to redevelop Asia's largest slum, Dharavi, on 600 acres of prime real estate in the heart of Mumbai, the country's commercial capital.

In an exclusive conversation with CNBC-TV18, Gulam Zia, Senior Executive Director at Knight Frank, speaks on the Dharavi Redevelopment Project and Mumbai Real Estate Registrations.

The high density of the population creating a hindrance in development was sorted out when the railways gave a large chunk of their land and tied it up with development, Zia opined.

Dharavi is a complete Township in itself, limited to a small location, and the smooth sailing of Adani redevelopment only depends on the management of requirements of people living in Dharavi.

According to Zia, the developer has to take care of amenities, rehabilitation, and infra components.

The developer's success "will completely be hinged on how soon they capitalize on free sale asset which means they will have to develop it at an absolute fast pace," Zia added.