Mumbai is seeking to amend its 24-year-old building rules that allowed slums to mushroom and kept housing beyond the reach of most of its 19 million residents.
The island-city, which has little land available for development, is proposing changes to its Floor Space Index regulations that may permit developers to tear down old structures and build taller towers. This may be good news for companies including Oberoi Realty Ltd., Sunteck Realty Ltd., Peninsula Land Ltd. and Godrej Properties Ltd., according to Edelweiss Financial Services Ltd.
The plan for the world’s second-most densely populated megacity after Dhaka is part of Prime Minister Narendra Modi’s “Housing for All” program, which seeks to build 20 million homes across India by 2022 to help eliminate urban slums and squalor. In theory, the move should increase the supply of apartments, cut property prices and help India’s financial capital emulate wealthy peers including New York and Shanghai.
Read more at Real Estate News Thane Mumbai @ www.mchithane.org
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