MUMBAI, April 25, 2018 /PRNewswire/ --
Addresses the Problem of Land Shortage
Mumbai's new DP 2034 created a welcoming buzz in the real estate market by addressing the fundamental issue of land shortage. From the previously demarcated land categories which were not available to developers for use, the Plan has opened up use of the salt pan land for affordable housing projects. This can provide up to 10 lakh affordable homes, one of the biggest additions in organisable land for housing purpose in recent history.
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Ramesh Nair, CEO and Country Head, JLL India, commented, "The new DP creates a massive opportunity for affordable housing projects and ensures a fine balance between environment and development. The land earlier earmarked as salt pans have been opened up for housing, while no further construction is allowed in the Aarey Colony apart from the approved construction of metro car shed. We see great promise in this plan as it is supported by a robust financial outlay laid out by the BMC for on ground implementation."
Nair further added, "The creation of open space of 120 hectares at Eastern Waterfront through PPP is in line with improving the per capita open space ratio of Mumbai. This opens Mumbai's trademark waterfront for development of recreation, retail and entertainment projects and will give rise to re-development of real estate along the corridor, much like what Canary Wharf re-development did for London's office district."
Further, the plan also provides rationalization of FSI which will give a boost to construction activity. Earlier, the FSI in the island city was lower that the effective FSI allocated to suburbs which has now been amended. The FSI in island city has now been raised above the FSI in the suburbs, which will lead to a higher potential supply in the island city.
The plan is an optimistic move, more on account of the fact that the BMC has earmarked INR 2,400 crores for FY 2017-18 for implementation, whereas the financial outlay earmarked over the next three years is about INR 5,000 crores. This implies that the plan is practical and implementable due to the financial backing to get implemented on ground rather than remaining on paper. The DP also releases over 3,700 hectares of land for affordable housing that was earlier classified in NDZ.
About JLL India:
JLL is India's premier and largest professional services firm specializing in real estate. With estimated revenue for FY 2017-18 expected to be ~INR 3,200 crores, the firm is growing from strength to strength in India for over the past 20 years. JLL has an extensive geographic footprint across 10 cities (Ahmedabad, Delhi, Mumbai, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Kochi and Coimbatore) and a staff strength of over 9,500. The firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services. This includes research, strategic advisory and consultancy, capital markets, transaction management, project and development services, integrated facilities management, property and asset management. These services cover various asset classes such as commercial, residential, industrial, retail, warehouse and logistics, hospitality, healthcare, senior living and education.
JLL was recognised as one of the Best Places to Work in India 2017 in the annual survey of 'India's Best Companies to Work For' - a joint study conducted by Great Place to Work® and The Economic Times. The firm has also been acknowledged as 'Property Consultant of the Decade' at the 10th CNBC-Awaaz Real Estate Awards 2015 and the Best Property Consultancy in India at the International Property Awards Asia Pacific 2016-17. For further information, please visit http://www.jll.co.in.
Media Contact:
Devesh Srivastava
[email protected]
+91-99104-31445
Lead Communications
JLL India
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