Maharashtra government’s new urban renewal scheme, also known as the cluster redevelopment model, for Mumbai finally sees some light after fours years. The scheme was in state government’s pipeline for four years. But in what it might be called as good news for Mumbaikars two cluster redevelopment projects have been approved by the state government.
According to the Indian Express, Chief Minister Devendra Fadnavis recently approved the two projects, following which the Mumbai municipality’s building proposals department has issued the letter of intent (LOI), giving the projects a go-ahead. Both of the projects will come up in Central Mumbai’s Parel region.
The first reconstruction project will spread across 4.97 lakh square feet, it will involve five properties – undertaken by the Tejukaya Group – in Lalbaug, while the other is 1.70 lakh square feet redevelopment projects, being redevelopment by real estate major Lodha group’s Sainath Enterprise Construction Private Limited, and is set to come up near KEM hospital. The leading daily’s report states that Devendra Fadnavis had sanctioned the projects on March 8, just two days before the Model Code of Conduct for the Lok Sabha elections kicked in.
The new cluster redevelopment model was unveiled on September 9, 2014. This will allow developers to reconstruct a cluster of buildings over a minimum plot area of 4,000 square metres availing built-up area incentives, which can go as high as 100 percent of the area used to rehabilitate the existing tenants or flat owners.