Navi Mumbai : In a major development, the Navi Mumbai Municipal Corporation (NMMC) cleared four proposals for the redevelopment of old and dilapidated buildings in Vashi and Nerul node. While the decision has brought a major relief to people residing in these dilapidated structures, real estate expert says that it is a boost for the sector as houses will be available in premium nodes where new development was not possible due to lack of availability of vacant plots.
Four redevelopment proposals – Little Flower Society in Sector 9, Utkarsh Society in Sector 9, Nivasti Tvisa Society in Sector 2, and Panchsheel Apartment in Sector 1A in Nerul – were cleared in Vashi and Nerul nodes. All these four housing societies consist of a total of 31 buildings.
These nodes were developed first when the city was planned around 50 years ago and there are hardly any vacant plots available now for new development.
Haresh Chheda, president of Builders Associations of Navi Mumbai, says that the supply of houses will increase and this is a win-win situation for both buyers and developers. “Now, these societies can go for the redevelopment with up to 4 FSI with developers (CM Uddhav Thackeray has given nod for 4 FSI for which CIDCO is preparing details). At present, these buildings have consumed only 1 FSI,” said Chheda. He added that with the 4 FSI, more houses with adequate infrastructure will be available.
New constructions were not possible especially in the Vashi node as enough vacant plots are not available. Redevelopment is the only available option to increase the supply. “With an increase in supply, buyers will have more option to get home at a premier location in developed node,” said Chheda.
According to sources, more than 4 lakh people are living in over 3000 dilapidated buildings across Navi Mumbai. Most of these buildings are more than 30-years-old and can go for redevelopment. The redevelopment issue was pending for many years. In 2015, the state government allowed redevelopment of CIDCO-constructed building with 2.5 FSI. However, due to several reasons including political, the redevelopment of such buildings could not happen. But with NMMC’s approval, there is a ray of hope for lakh of residents residing in the dangerous buildings including in the C1 category.