There is an instead sensitive topic currently making its rounds in conversation circles on the Mumbai realty market. I'm broaching the Centre's proposed inviting of exclusive engagement for 49% in the redevelopment of more than 2000 over-the-hill structures and also 60 of Mumbai's run-down neighborhoods situated in locations formally categorized as CRZ, or Coastal Policy Areas. The Government itself would spend the continuing to be 51%.
Normally, this would certainly seem a God-sent opportunity for all - the residents in those buildings that were built before CRZ regulations were made, the slum residents who would get refurbished, the Federal government and also Mumbai's contractors to establish and also cash in on these pockets.
The Centre's suggested campaign will certainly do a lot in regards to the redevelopment of old structures, chawls and slums that fall under Mumbai CRZ purview. From that perspective, it is most certainly a boon. There is, nevertheless, the question of what impact this would carry the home prices in and around these locations.
Truthfully, I assume that the problem is not through which route such redevelopment happens, as well as what the property potential of this redevelopment campaign would be. Instead, we must ask ourselves if construction should be allowed in Mumbai's Coastal Regulation Zones in the first place.
The discussion today is primarily regarding CRZ along the western shore of Mumbai - locations in between Versova and also Cuffe Parade. However, the eastern shore of Mumbai likewise drops under CRZ classification, which have mangroves and also salt frying pans - simply put, ecologically delicate areas. If I had been enabled my way, my sole contribution to this conversation would certainly have ฝากขายที่ดิน been that this is an ecological problem, and that it needs to not be reduced to a discussion regarding realty advancement.
In my view, the Mumbai CRZ concern requires to be seen in context with the ecological community along the coastline. One seaside location is different from the various other. Some have rough areas, some are beaches, some are creeks and some have mangroves. If we need to review realty tasks such as redevelopment, there would certainly be no harm in talking about a coast like Juhu Beach, which does not have mangroves or other environmentally delicate systems.
Actually, property task can securely be considered in any of the seaside areas where no vulnerable ecological community exist, as long as the high tide line is factored in. However, the salt frying pans and mangroves along the eastern coastline and the mangrove belt in the Versova/Bandra-Khar region require to be shielded, not place on the real estate table.
Nonetheless, there is still the theoretical concern - exactly how would certainly home costs be affected in these areas if this suggested redevelopment effort actually occurs?
Well, theoretically, any kind of massive redevelopment would certainly indicate more supply out there, and also this would normally result in reduced costs. However, in Mumbai's situation, the need for real estate is much higher than any naturally minimal supply can fulfill, so I do not assume that property costs in these locations would certainly decrease unless your homes are fixed at greater costs, with an unduly high premium being presented therefore the sea sights. Additionally, much would certainly depend on what setups of flats are built within the free-to-sell component.
If and when such redevelopment is allowed, it makes sense for the Federal government to partner in the development so that the city can obtain much-needed real estate for the lower revenue groups, as well as real estate for renting function.
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