City centre redevelopment initiatives:
How Mumbai's Real Estate Market Is Getting a boost?
Mumbai is seeing many changes across its timeline of infrastructure initiatives with connectivity and management being at the centre of the process. This, in turn, is positively impacting Mumbai’s real estate market as more buyers enter the space. There is also significant traction towards the smart city ecosystem, where residents of Mumbai can avail innovative features of local infrastructure.
Market leaders like Vinod Goenka, Chairman, DB Realty predict that redevelopment schemes will positively impact the local market. With three of the largest ones in the city, namely at Bandra, Worli and Dharavi, the market is set to create new opportunities and avenues for residents to flourish. Mumbai is getting a much-needed redevelopment in these areas through these key initiatives.
Upliftment of residents
In the case of Dharavi, an SPV (special purpose vehicle) is being established with an 80-20 stake ratio. This is going to directly impact the lives of the residents as there is no high-rise work allowed near the airport area funnel zone. Dharavi is set to grow into a thriving residential hub which can give rise to greater employment and a boost to the local economy.
This introduces new buyers into the real estate sector with a greater demand for quality housing. Mumbai’s real estate market is set to grow at an incremental pace owing to these key redevelopment initiatives. Buyers are analysing experts such as Vinod Goenka; news and interviews being their primary knowledge tools.
Opening up of commercial space
We’re seeing development in the BDD chawls across Naigaon, Worli, Sewri and Lower Parel. The 92-acre land is paving the way for much commercial development across key sites such as Lower Parel and Worli. This is opening up the commercial space within Mumbai, allowing more corporate projects to thrive in these areas. Additionally, the zone is attracting investments from across the board to create more sustainable housing projects as well for residents. Worli is also seen as a key site for further commercial development.
Greater access to land
The significant redevelopment of Bandra government colony will lead to auctioning off the land that is adjusted after the initiative. This opens up more space for developers to create new structures. While it spurs supply-side economics, it opens up greater access for buyers who can purchase housing at key locations.
Developers can also benefit from designing properties in the area and attracting investors to make key purchases. It’s a win-win for the real estate industry that is seeing growth on both sides of the table. This will open up one of the most desirable locations inside Bandra as well.