News: Mumbai's realty set for revamp
(NDTV 24/04/2006) Mumbai - Mumbai's housing problems could ease dramatically very soon and the reason for that can be found far away from the swanky new housing complexes in old rundown buildings in the city, some of which can now be redeveloped.
That's thanks to an interim order from the Supreme Court which says:
* Wherever a builder already has permission to redevelop an old building they can go ahead and do it
* All pending applications for redevelopment can also be processed
* But new applications will have to wait till the Apex Court gives its final order in July.
That gives a new lease of life to builders like Lokhandwala, who had been stopped in their tracks by the Bombay High Court in October last year.
The High Court had ruled that only buildings, which are in danger of collapsing, can be redeveloped and that too only after a special committee judges it to be beyond repair.
Developing buildings
Builders hope the Supreme Court's final order will remove all hurdles to redeveloping old cess buildings and they claim it will increase the supply of housing in Mumbai by at least 20 per cent.
"This will not only benefit builders. It will benefit tenants and consumers add to supply, there is no supply in the island city" Ali Lokhandwalla, Lokhandwalla Builders.
The Supreme Court has fixed a ceiling on the floor space that a builder can construct when they redevelop these buildings.
But environmentalists fear builders will fudge data to build huge tall buildings, adding more pressure on Mumbai's strained civic resources.
"There are problems of water shortage, electricity and approvals are rigged," said Debi Goenka, Environmentalist.
With the interim order, several redevelopment projects that were stalled can now be reopened, and these old buildings might be replaced by skyscrapers.
Builders say they welcome this as supply of housing is really choked in Mumbai. But the big question remains on whether Mumbai's infrastructure can really support the additional development.
That's thanks to an interim order from the Supreme Court which says:
* Wherever a builder already has permission to redevelop an old building they can go ahead and do it
* All pending applications for redevelopment can also be processed
* But new applications will have to wait till the Apex Court gives its final order in July.
That gives a new lease of life to builders like Lokhandwala, who had been stopped in their tracks by the Bombay High Court in October last year.
The High Court had ruled that only buildings, which are in danger of collapsing, can be redeveloped and that too only after a special committee judges it to be beyond repair.
Developing buildings
Builders hope the Supreme Court's final order will remove all hurdles to redeveloping old cess buildings and they claim it will increase the supply of housing in Mumbai by at least 20 per cent.
"This will not only benefit builders. It will benefit tenants and consumers add to supply, there is no supply in the island city" Ali Lokhandwalla, Lokhandwalla Builders.
The Supreme Court has fixed a ceiling on the floor space that a builder can construct when they redevelop these buildings.
But environmentalists fear builders will fudge data to build huge tall buildings, adding more pressure on Mumbai's strained civic resources.
"There are problems of water shortage, electricity and approvals are rigged," said Debi Goenka, Environmentalist.
With the interim order, several redevelopment projects that were stalled can now be reopened, and these old buildings might be replaced by skyscrapers.
Builders say they welcome this as supply of housing is really choked in Mumbai. But the big question remains on whether Mumbai's infrastructure can really support the additional development.
posted by InCar Group Press Room at 00:12
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