Select Page

“The much awaited blueprint for Mumbai’s development has finally been delivered. Despite the long wait, the approval of the DP 2034 could be a silver lining amid the recent upheaval and slowdown triggered by regulatory reforms such as the Real Estate (Regulation and Development) Act. 2016 (RERA) and the Goods and Services Act (GST). The move would bring the much needed stability in the real estate market. Key measures such as significant increase in the FSI for residential development particularly in South Mumbai and the thrust on affordable housing through the opening up no development zones and salt pan land would boost the national vision of ‘Housing for All’. Another unprecedented move is the fillip towards commercial space development. The burning demand for commercial real estate in the space-constraint city has received the government’s attention through increased FSI for building office spaces. While these are our initial reactions, the DP 2034 would have far-reaching implications on Mumbai’s growth over the next two decades, which would need closer introspection in the days to come.”