Over 50 Builders Express Interest in Mumbai's Slum Rehabilitation Plan

Over 50 Builders Express Interest in Mumbai's Slum Rehabilitation Plan

Over 50 Builders Express Interest in Mumbai's Slum Rehabilitation Plan

The Brihanmumbai Municipal Corporation (BMC) has received significant interest from prominent developers for its slum rehabilitation initiative, with around 50 builders expressing interest in the redevelopment of 64 slum projects across the city. The initiative, under Regulation 33(10) of DCPR-2034, aims to redevelop slums situated on municipal lands. Developers, including Adani Realty, Wadhwa Group, Rustomjee, Dosti Realty, JSW Realty, DHS Group, Jalaram Developers, Nilyog Developers, Asha Developers, and Chandak Realty have shown keen interest in the project.

At a recent pre-bid meeting, representatives from these developers discussed the 32 conditions set by the BMC for the slum rehabilitation process, including the provisions and incentives being offered for the redevelopment. While the builders were optimistic about the prospects, they raised several concerns, the most pressing being the uncertainty around the number of slum households eligible for rehabilitation. Developers stressed the need for accurate surveys to determine the exact number of residents. They also called for flexibility in land reservations, as existing land reservations sometimes reduce the usable area available for redevelopment.

In response, BMC officials assured that the concerns raised by developers would be thoroughly reviewed, with the possibility of taking suitable steps to address these challenges. The overwhelming interest from top builders has given BMC confidence that the projects can be completed on time. Additionally, the administration hinted that certain policy relaxations could be considered if necessary to ensure the smooth and timely execution of the redevelopment projects.

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

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/