Exclusion Plan for Mumbai Development Plan 2034 cleared
EPs are portions of the plan to which the government made substantial changes after it was submitted by MCGM
The Exclusion Plan (EP) for the Development Plan (DP) 2034 has been cleared and will be finalised by October 2020.
EPs are portions of the plan to which the government made substantial changes after it was submitted by the Municipal Corporation of Greater Mumbai (MCGM).
The government of Maharashtra had sanctioned the Mumbai Development Control and Promotion Regulations 2034 (DCPR) in 2018.
The Development Plan 2034 seeks to open up 3,700 ha of land that was earlier designated as no-development zone (NDZ) for construction of residential projects. Homebuyers can expect housing units of 30 sq mtr to be available in the range of Rs 60 lakh to Rs 75 lakh.
Apart from this land, an additional 300 ha of salt pan land will also be available for affordable housing. About 10 lakh affordable houses will be built on these lands by 2034.
With more housing stock getting added in the affordable category, prices may correct by 10 to 15 percent, but this is possible only if the increased floor space index (FSI), promised under the blueprint for the city’s development for the next 16 years, is available at rational prices and not at a premium.