ADVERTISEMENT

Mumbai 2.0: In Need of a Redeveloped, Revamped Skyline

Redevelopment is an economic solution for buildings and societies that require attention, but are cash-starved.

Updated
Blogs
3 min read
Image used for representational purpose
i
Mumbai 2.0: In Need of a Redeveloped, Revamped Skyline

From consisting of seven islands that were largely inhabited by the fishing community, to becoming a bustling metro that is today, the financial capital of the country –Mumbai – has come a long way.

In tandem with the transition, the city has transformed at a phenomenal rate, and has reclaimed land at several places to meet the increasing space crunch demands. Today, there are a large number of residential structures which have well crossed the 30-year-mark, and are in a dilapidated condition. And now, with limited availability of land parcels, developers have turned to the redevelopment of existing structures to meet the present and future needs of the ever-growing city.

For a city like Mumbai, redevelopment has emerged as the most viable option to revamp the city’s skyline.

By demolishing existing structures to replace them with modern, more stable buildings, redevelopment will take care of the need to increase urban housing, as well as make optimum use of the available land.
ADVERTISEMENT

Subject to approvals from the Municipal Corporation of Greater Mumbai, redevelopment is an economic solution for buildings and housing societies that require immediate attention, but are cash-starved as well.

As the city has reached its saturation point, builders have realised the importance of redevelopment.

There are several structures across Mumbai, which are in dire need of attention.  If left unattended, these can prove fatal as they will not be able to withstand natural calamities as well as pressure from upcoming projects in the locality.

A recent example to validate the need for redevelopment stems from the collapse of a building in Ghatkopar. Although the building was already in a visibly dilapidated condition, there were renovations taking place in one of the commercial establishments in the premises. Had there been a prior structural audit conducted before undertaking any works, the building would have been identified as unsafe, thus avoiding the loss of life and property. These, as well as several other incidents of buildings collapsing across Mumbai, have further emphasised the urgency for redevelopment to take flight.

While much has been spoken about the advantages of redevelopment among government and industry leaders, we have seen there is uncertainty among the general public about the same.

What redevelopment essentially provides for are new homes, without the financial burden.

Residents are also able to enjoy added amenities like gyms, security services, car parking etc. The newer structures are also earthquake resistant, as mandated by the government.

Buildings constructed under redevelopment projects are also a lucrative prospect for increasing housing stock, which will ultimately bring about price stability, helping fulfill the Government’s vision of housing for all.

ADVERTISEMENT

With the implementation of RERA, developers will not only have to register the entire project after obtaining necessary sanctions before they can begin advertising, but will also have to invest their own money into the project, as well as provide quarterly updates to the necessary authorities.

This is no doubt a consumer friendly move, and we are hopeful will garner positive attention towards redevelopment. With several economic and social benefits of redevelopment, we are confident that this new age approach to construction will result in an improved skyline and a better quality of life.

(The writer is Managing Director, Wedevelopment, a real estate company. He can be reached @pranaygoyalpg.)

(This is a personal blog and the views expressed above are the author’s own. The Quint neither endorses nor is responsible for the same.)

(Breathe in, Breathe out: Are you finding it tough to breathe in polluted air? Join hands with FIT in partnership with #MyRightToBreathe to find a solution for pollution. Send in your suggestions to fit@thequint.com or WhatsApp @ +919999008335)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

ADVERTISEMENT
Published: 
ADVERTISEMENT
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!
ADVERTISEMENT