BMC, SRA Collaborate for Redevelopment of Worli Slums into Luxury Skyscrapers

BMC, SRA Collaborate for Redevelopment of Worli Slums into Luxury Skyscrapers

BMC, SRA Collaborate for Redevelopment of Worli Slums into Luxury Skyscrapers

The Brihanmumbai Municipal Corporation (BMC) has approved a plan to redevelop slum settlements along the Worli seafront into luxury skyscrapers in partnership with the Slum Rehabilitation Authority (SRA) and a consortium of private developers. This project will span 12 acres of government and BMC land abutting the Coastal Road, with a focus on transforming the area into modern urban spaces.

Key Features of the Redevelopment Plan

The redevelopment will involve the amalgamation of several plots, including both non-slum and slum-occupied areas, to create luxury high-rise buildings and affordable housing for the existing slum dwellers. This "holistic approach to urban redevelopment" is part of efforts to meet the city's housing demands and revitalize a prominent coastal area. The project is also included in the MMR Economic Growth Hub 2030 plan, which aims to position the region as a major economic hub.

Land Use and Developer Involvement

Developers selected for the project will need to combine non-slum plots with slum-occupied plots. This process will be executed under Regulation 33(10) of the Development Control and Promotion Regulations (DCPR)-2034. One of the developers has already paid Rs. 16 crore, representing 10% of the land premium, for one of the non-slum plots.

The BMC also plans to construct two roads—one 60 feet wide and another 40 feet wide—to improve connectivity between Dr. Annie Besant Road and the Coastal Road promenade. These roads will be designed to accommodate bus bays for better transportation access.

Environmental Considerations and Resettlement Plans

The project, aimed at addressing Mumbai's critical housing shortage, will ensure that the redevelopment is in compliance with necessary regulations. The BMC has also proposed provisions for the resettlement of existing slum dwellers, as the development integrates affordable housing within the new structures.

Future Plans and Project Execution

The Worli redevelopment project is a significant step in improving urban housing in Mumbai. It will provide essential infrastructure while addressing the housing needs of the city's lower-income populations. The BMC's collaboration with private developers and the SRA ensures that the project will move forward with clear guidelines and financial commitments.

Conclusion

The redevelopment of slum settlements along the Worli seafront into luxury high-rises is set to be a transformative project for Mumbai. By combining modern residential developments with affordable housing, the initiative is expected to address both the city's housing shortage and its urban renewal goals. The project will play a key role in shaping the future of Mumbai's coastal areas, providing residents with better living conditions and contributing to the city's ongoing economic growth.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

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