Frugality in the city of dreams!
There is tremendous buzz about CRZ redevelopment and the long-pending SRD in Mumbai. But can these policy initiatives ever hope to clear those elusive execution hurdles? by Mona Mehta
With a bird’s eye view from the middle of the Arabian Sea, one can easily view some newly constructed tall buildings adorning the Mumbai skyline – a spectacular and grand view, any which way. But when you come closer to the coastline, say, between Versova and Cuffe Parade, there are around 2,500 old dilapidated buildings falling under the coastal regulatory zones (CRZs) awaiting increase in floor space index (FSI) as part of the redevelopment process. Understandably, residents here seems to have got a sigh of relief as the state government’s recent decision to involve the Maharashtra Housing And Area Development Authority (MHADA) in housing projects in the CRZ areas is expected to yield one lakh affordable homes in the city.
The move has come in the wake of Centre agreeing to allow private participation in the redevelopment of dilapidated buildings and large slum pockets falling under the CRZ. Following that, state environment minister Suresh Shetty recently met Union environment minister Jairam Ramesh and broadly agreed to allow private participation to the extent of 49% and Maharashtra Housing And Area Development Authority (MHADA) to have 51% stake.
Around 38% of the city is governed by stringent CRZ rules that have blocked redevelopment of around 5,000 dilapidated buildings and slums in areas such as Colaba, Girgaum, Mahim and stretches in Borivali. Hemant Shah, Head, Slum Rehabilitation Authority (SRA) told B&E, “The state government is trying to increase the FSI from the existing 2.5 to 3 for the redevelopment of old dilapidated buildings. Due our involvement in various slum redevelopment projects between Versova to Cuffe Parade in Mumbai, we will be able to redevelop several dilapidated buildings and slum pockets falling under the CRZ.” Ackruti City is one instance of a builder in the affordable housing space. As there are affordable housing projects with lesser margins the company will be using cost efficient techniques. Hemant Shah, Chairman, Ackruti City told B&E, “Though the projects are under affordable housing, the customers are still looking at premium amenities such as Club House, Gym, Kids play area, good entrance lobbies et al.”
A lot of areas are covered by CRZ because of the vicinity to the sea. Smaller rivers like Meethi and areas covered by salt land make matters complicated when it comes to developing CRZs. But if there is a road between land and sea, the impact of CRZ comes down. According to Pranay Vakil, Chairman, Knight Frank India, “As for redevelopment of CRZ, work is being done on exploiting the Eartern waterfront in Mumbai between JJ School of Architecture and the Columbia University. The idea is to improve the infrastructure and connectivity of the island city with the that of mainland.”
With a bird’s eye view from the middle of the Arabian Sea, one can easily view some newly constructed tall buildings adorning the Mumbai skyline – a spectacular and grand view, any which way. But when you come closer to the coastline, say, between Versova and Cuffe Parade, there are around 2,500 old dilapidated buildings falling under the coastal regulatory zones (CRZs) awaiting increase in floor space index (FSI) as part of the redevelopment process. Understandably, residents here seems to have got a sigh of relief as the state government’s recent decision to involve the Maharashtra Housing And Area Development Authority (MHADA) in housing projects in the CRZ areas is expected to yield one lakh affordable homes in the city.
The move has come in the wake of Centre agreeing to allow private participation in the redevelopment of dilapidated buildings and large slum pockets falling under the CRZ. Following that, state environment minister Suresh Shetty recently met Union environment minister Jairam Ramesh and broadly agreed to allow private participation to the extent of 49% and Maharashtra Housing And Area Development Authority (MHADA) to have 51% stake.
Around 38% of the city is governed by stringent CRZ rules that have blocked redevelopment of around 5,000 dilapidated buildings and slums in areas such as Colaba, Girgaum, Mahim and stretches in Borivali. Hemant Shah, Head, Slum Rehabilitation Authority (SRA) told B&E, “The state government is trying to increase the FSI from the existing 2.5 to 3 for the redevelopment of old dilapidated buildings. Due our involvement in various slum redevelopment projects between Versova to Cuffe Parade in Mumbai, we will be able to redevelop several dilapidated buildings and slum pockets falling under the CRZ.” Ackruti City is one instance of a builder in the affordable housing space. As there are affordable housing projects with lesser margins the company will be using cost efficient techniques. Hemant Shah, Chairman, Ackruti City told B&E, “Though the projects are under affordable housing, the customers are still looking at premium amenities such as Club House, Gym, Kids play area, good entrance lobbies et al.”
A lot of areas are covered by CRZ because of the vicinity to the sea. Smaller rivers like Meethi and areas covered by salt land make matters complicated when it comes to developing CRZs. But if there is a road between land and sea, the impact of CRZ comes down. According to Pranay Vakil, Chairman, Knight Frank India, “As for redevelopment of CRZ, work is being done on exploiting the Eartern waterfront in Mumbai between JJ School of Architecture and the Columbia University. The idea is to improve the infrastructure and connectivity of the island city with the that of mainland.”
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Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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