Ramesh Nair – CEO & Country Head, JLL India

1. Addresses Mumbai’s problem of Land shortage for Affordable Housing
• One of the biggest additions in organisable land (3,700 HECTARES) for housing purpose in recent history.
• Can provide up to of 10 lac homes in the affordable housing segment
• Salt pan lands and land earlier earmarked for tourism development have been opened up
• Balance between environment and development – NO other construction will be allowed in Aaarey colony apart from the proposed construction of Metro Shed

2. Increased FSI in Island City
• Rationalization of FSI will give a boost to Construction activity. FSI levels in island city have now been elevated over the suburbs FSI
• Development under cluster development route (now 4 FSI)
• Non-cessed dilapidated tenanted buildings in island city now becomes feasible (now 3 FSI)
• Commercial development (office parks) will get a boost (with 5 FSI)
• The new DP boosts commercial development by targeting to increase commercial spaces by about 40%
• This will lead to a boost in investments in commercial sector

3. Increased Employment Opportunity
• Supply of land and increase in FSI can facilitate space to employment of 8 million over next few years
• Space that can get built at the city-centric locations with good connectivity and mass-transit systems in place

4. Financial Backing
• INR 2,400 crores for FY 2018-19 earmarked by BMC to implement this DP
• This means that the provisions of DP have the financial backing to get implemented on ground.
• Over next three years the financial outlay earmarked is INR 5,000 crore.
• This is an important point that can make a DP practical and implementable on ground rather than remaining on paper.

5. Improving the per capita open space ratio of Mumbai
• Creation of open space of 120 hectares at Eastern Waterfront through PPP
• This waterfront development will also create opportunities for complimenting real estate development- recreation, retail, entertainment and will give rise to re-development of real estate along the corridor (much like what Canary Wharf re-development did for London’s office district)