Mumbai moves ahead
Mumbai ensured that home seekers have something to look forward to in the coming months. Those who have invested in a property and are waiting for delivery, the state government has allowed construction work on building projects between 6 am and 10 pm.
This extended work hours will accelerate project work. Those who have been waiting for their re-developed units, the state consumer commission has brought disputes between them and their developers under the Consumer Protection Act’s purview.
With government intervention, hopefully a resolution will surface soon. The re-development policy bonanza for old and dilapidated buildings has been extended. Under the modified DCR 33 (7) (a) scheme for re-development, many dilapidated suburban buildings will get an FSI of 3. Two-thirds of Kamathipura will see cluster re-development.
While under construction projects are nearing completion, the market is gearing for new housing units. BMC has approved construction activities around Girgaum Chowpatty, Prabhadevi, Mahim and Shivaji Park, etc.
Buyers looking for affordable housing should focus on areas such as Tungwa Pawai, Goregaon and old Magathane as close to 972 houses are on offer by the MHADA. The existing and upcoming residential inventory should have satisfactory demand. People migrate to Mumbai for jobs. Adding to it, the city is anticipating around 16 million sq ft of fresh office space by the end of 2017.
Before this year completes, another 8.5 million sq ft space will be added. New offices mean new workforce which in turn means migratory population. The capital and rental markets around these offices will get a boost once they become operational.
This quarter also saw infrastructure development in the city. PWD approved BMC’s coastal road project to shift tetra pods from Worli to Marine Drive to the proposed coastal road. Other upcoming projects which will ease connectivity of Mumbaikars is the Metro line. Metro-7 corridor, covering areas from Andheri (East) to Dahisar (East), has been scheduled to be constructed in 30 months
Metro 2B on DN Nagar-Bandra-Mankhurd route and Metro 4 on Wadala-Mulund-Thane-Kasarvadavali are some noteworthy projects which could be game changers for the realty sector
Buy Spacious Flats in Ram Maruti ,Thane Contact Ace Constructions sales office