Mumbai Coastal Redevelopment Faces Uncertainty Over FSI Calculations
What happened
Mumbai's coastal redevelopment market faces uncertainty following revised permissions issued by the Slum Rehabilitation Authority for projects under the Coastal Regulation Zone framework. The revised interpretation of Floor Space Index calculations has raised concerns regarding permissible construction area and developer margins. Kamlesh Thakur, President of Naredco Maharashtra, stated that the association estimates over 45 coastal redevelopment projects in Mumbai are affected by the net plot area calculation under CRZ 2019, contrasting with the SRA's estimate of 7-8 projects.
From businessworld.in
Why it matters
The regulatory changes impact the financial viability of ongoing redevelopment projects in premium coastal locations like Bandra and Juhu. The uncertainty over permissible construction area and reduced developer margins affects the overall coastal real estate market in Mumbai.
From businessworld.in
Who's involved
- MumbaiThe city where the coastal redevelopment market is located.
- Kamlesh ThakurPresident of Naredco Maharashtra, who provided an industry estimate of affected projects.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.