Mumbai: Speaking at the Excelerate 3.0 event organized by NAREDCO NextGen on Thursday, renowned architect Padmabhushan Hafeez Contractor highlighted the urgent need for sustainable urban planning in Mumbai.
During the discussion, Contractor pointed out the vast tracts of unutilized government land, including those owned by the railways, which could be leveraged to alleviate the city's real estate woes.
"Creating islands of high-rises on these lands can prevent the unnecessary conversion of agricultural land for commercial purposes," Contractor asserted. He emphasized the importance of preserving forests and greenery to ensure sustainable development for future generations.
Contractor also addressed the financial barriers to affordable housing, criticizing the high government taxes and premiums that currently account for 35 to 50 percent of a house's cost. He called for a reduction in these charges to make housing more accessible.
Highlighting the tricky situation of Mumbai's real estate market, Contractor noted a significant mismatch between demand and supply. "We do not have sufficient Floor Space Index (FSI) to house people," he said, advocating for an increase in FSI to at least 5, though he believes a minimum of 8 is needed.
With Mumbai's 430 square kilometers of area, only about 100 square kilometers are available for development after accounting for non-developable spaces. Contractor proposed redevelopment as the key to the future of Mumbai's real estate, suggesting the creation of denser and more compact urban spaces. "Land cannot be manufactured, so we need to create new urban spaces. Reclamation is not a crime but a necessity," he stated.
Contractor concluded by stressing the importance of city aesthetics, remarking, "The glamourization of cities is a must since countries are known by their cities." His vision advocates for a balance between modern urban development and sustainable practices to ensure a livable and vibrant Mumbai for generations to come.
