Mumbai Development Opportunities Unlocked
Anurag Mathur, CEO Savills India shares his opinion on the Centre’s nod to Mumbai coastal zone management plans.
The approval of the Coastal Zone Management Plan has unlocked huge development opportunity in Mumbai and Greater Mumbai that will strengthen the growth of residential real estate sector as well as development of infrastructure.”
The plan should help unlock developable land parcel in the city to the tune of more than one-fourth area of Mumbai that falls under Coastal Regulation Zone currently, estimated at around 10,900 hectares by Maharashtra Coastal Zone Management Authority.
It will encourage investments for both new and redeveloping buildings to attain its full potential, thereby increasing housing availability and decongesting the city. The plan allows developers to receive two-and-a-half times the construction rights, hence enabling construction of taller buildings near the shore. The announcement coming in the times of pandemic certainly helps to hasten recovery of the real estate sector in Mumbai.