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Restoring Mumbai’s skyline with redeveloped housing projects

With the mid-income housing segment providing a great opportunity in the real estate market, many developers are venturing into redevelopment of old structures and reconstructing them into modern buildings

Rank 10 | Greater Mumbai | Score: 58.23

Rank 10 | Greater Mumbai | Score: 58.23

The city of Mumbai has attracted people from all walks of life, spanning all over the country. This has expanded the city’s population which has further led to a shortage of space. As a result, the demand for homes has been increasing. The city also has its share of old buildings which have exceeded their life and there is no possibility of carrying out regular repairs.

With the mid-income housing segment providing a great opportunity in the real estate market, many developers are venturing into the redevelopment of old structures and reconstructing them into modern buildings. This offers a huge potential for Mumbai to cater to the residential requirements of its denizens.

Here are a few reasons why the redevelopment of buildings offer a viable option for the housing market in Mumbai.

Positive government policies: The government has been very positive towards boosting the redevelopment of buildings in Mumbai. The recently announced Cluster Redevelopment Policy has enabled the redevelopment of several buildings over 30 years old, to be redeveloped jointly instead of redeveloping individual buildings. Having said that, since land is scarce in the city, individual building redevelopment is also supported by favourable government regulations and norms. Developers will also be able to construct more apartments in the building with dedicated spaces for recreational areas.

Rejuvenation of dilapidated buildings: Due to weather conditions, thousands of buildings across Mumbai are not in a state for renovation. These areas are occupied by old buildings that require urgent attention for renewal. In most cases, these areas command a premium in terms of land values and location. In most cases, it becomes necessary to redevelop these sites. Moreover, redevelopment provides residents with a better lifestyle and amenities.

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Upgraded lifestyle for homeowners within the same locality: People living in older societies have a community of their own. Redeveloped projects ensure that residents need not leave their locality but lead a better lifestyle within the same vicinity. Redeveloped buildings ensure that the entire layout is redesigned and residents get better facilities and a larger carpet area.

Economic revitalisation: Redevelopment not only incentivises developers but also creates employment opportunities for migrants that inhabit the city of Mumbai. Additionally, repurposing these sites leads to efficient investment for developers. The newly constructed homes offer better quality and amenities and help enhance the value of the property which in turn leads to higher tax revenues from redeveloped sites.

Enhanced sustainability: Another benefit of redevelopment is to make the project site more sustainable. A sustainably built environment reduces new land disturbance, provides flood control and an opportunity to clean up contaminated soil. Moreover, it also improves occupants’ health through better site planning, density management, water quality, reducing GHGs, improving indoor air quality.

Urbanisation has led to a massive space crunch in the city due to which many people are considering moving out to peripheral areas. Redevelopment of old buildings can improve Mumbai’s living conditions, restore the city’s livability quotient and boost the residential real estate market to a large extent.
Nishant Deshmukh is Founder and Managing Director, Sugee Group
first published: Mar 9, 2021 12:38 pm

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