Re-development of slums in the CRZ area
The Ministry of Environment has decided to allow the re-development of slums in the CRZ area. However, it has laid down a conditiona that the redevelopment must be through a joint venture in which the state government need to have 51% share. For the dilapidated and unsafe buildings or chawls where people have been living for several decades, the government is allowing higher floor space index (FSI) provided these redevelopment projects are subject to RTI, CAG audit and inspection by the monitoring body jointly set up by the central and state governments.
The real estate sector has been expecting this initiative for a long time; redevelopment is an inevitable compulsion of Mumbai. Finally this allow us to put a stop to the urban decay in coastal area and protect the environment. This is a great initiative by the Ministry of Environment, however partnerships with government in realty development have not been very successful so far. We hope that this initiative is successful and the redevelopment sector can prevent any further urban decay in the coastal areas.
Harresh Mehta, Founder & MD of Rohan Lifescapes