George Gonigal asked:
Re-development is the new buzzword in the real estate industry of Mumbai with Dharavi, Asia’s largest slum, emerging up as a much sought-after location for real estate development. Under the project, slum dwellers will be provided with pakka residential units wherein private developers will also participate through various means.
The development plan for Dharavi has many amenities in it, viz. wider roads, electricity, ample water supply, playgrounds, schools, colleges, medical centers, socio-cultural centers etc. For proper implementation, Dharavi has been divided into 10 sectors and sectors will be developed by different developers. The total duration of this project is expected to be of 5 to 7 years. Rehabilitation building will be of seven storeys.
According to industry sources, builders and real estate developers are aggressively scouting for land in this crucial real estate habitat. In fact, builders all over Mumbai consider slum redevelopments extremely lucrative and are vying for approval of such projects from the Slum Rehabilitation Authority of Maharashtra Government.
Pertaining to the fact that there is barely any land available in western Mumbai, property developers have started looking at the northeastern pockets, which have huge bands of land, plus a superior road network. The redevelopments taking place in slum colonies in the northeastern suburbs of Chembur, Deonar, and Ghatkopar (east), Govandi, and Mankhurd, is changing the perception of people about the city all across. According to sources, real estate values in Dharavi colonies have almost doubled in the past one-year, reaching to the levels of Rs 6,000 and Rs 10,000 sq. ft.
Many redevelopment projects are in various stages of obtaining approvals from the state government. Nevertheless, slum redevelopment projects are eyed by the industry experts as the next big thing to happen in Indian real estate sector and of course in Mumbai.
Re-development projects are also seen as potential source of maintaining buoyancy in the real estate business by the developers. However, a large number of projects are delayed amidst administrative clearances.
Melinie
Re-development is the new buzzword in the real estate industry of Mumbai with Dharavi, Asia’s largest slum, emerging up as a much sought-after location for real estate development. Under the project, slum dwellers will be provided with pakka residential units wherein private developers will also participate through various means.
The development plan for Dharavi has many amenities in it, viz. wider roads, electricity, ample water supply, playgrounds, schools, colleges, medical centers, socio-cultural centers etc. For proper implementation, Dharavi has been divided into 10 sectors and sectors will be developed by different developers. The total duration of this project is expected to be of 5 to 7 years. Rehabilitation building will be of seven storeys.
According to industry sources, builders and real estate developers are aggressively scouting for land in this crucial real estate habitat. In fact, builders all over Mumbai consider slum redevelopments extremely lucrative and are vying for approval of such projects from the Slum Rehabilitation Authority of Maharashtra Government.
Pertaining to the fact that there is barely any land available in western Mumbai, property developers have started looking at the northeastern pockets, which have huge bands of land, plus a superior road network. The redevelopments taking place in slum colonies in the northeastern suburbs of Chembur, Deonar, and Ghatkopar (east), Govandi, and Mankhurd, is changing the perception of people about the city all across. According to sources, real estate values in Dharavi colonies have almost doubled in the past one-year, reaching to the levels of Rs 6,000 and Rs 10,000 sq. ft.
Many redevelopment projects are in various stages of obtaining approvals from the state government. Nevertheless, slum redevelopment projects are eyed by the industry experts as the next big thing to happen in Indian real estate sector and of course in Mumbai.
Re-development projects are also seen as potential source of maintaining buoyancy in the real estate business by the developers. However, a large number of projects are delayed amidst administrative clearances.
Melinie
Posted on July 9th 2010 in Real Estate
