Impact of New Maharashtra Housing Policy on Residential Markets in Mumbai

Real Estate in Mumbai

The recently-released Maharashtra State Housing Policy proposes redevelopment of buildings in 104 layouts of the state-run Maharashtra Housing & Area Development Authority (MHADA) in Greater Mumbai. A developer will be eligible for an FSI (Floor Space Index) of three for the redevelopment of a plot up to 2,000 sq mt, and can get an additional FSI of one by paying a premium and sharing the housing stock with MHADA. Redevelopment of plots beyond 2000 sq mt will get an FSI of 4.

The government expects at least 30,000 houses to become available with the new policy on MHADA lots in Greater Mumbai, and proposes redevelopment of old or dilapidated buildings in the suburbs. This will be carried out under a cluster scheme, currently applicable only to the Island City of Mumbai. At least 10,000 old or dilapidated buildings from the suburbs are expected to get a makeover.

In addition, the policy gives a thumbs-up to the redevelopment of 40 MHADA transit camps housing over 22,000 tenants across Mumbai. It also states that the government is looking at rehabilitating over 50,000 slum dwellers on Mumbai Airport-owned land.

How will the new policy impact the Mumbai residential markets?
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