Vashi ranks top for redevelopment projects by getting 16 proposals approved.

By Abhay Shah, Realty Quarter

Vashi has been the oldest and most advanced node to accelerate redevelopment projects of dilapidated buildings. The identification committee has already cleared 18 proposals, 16 of them are in Vashi, with one in Koparkhairane and one in Nerul nodes.

According to NMMC, there are some 30-40 proposals for redevelopment sent to the committee for scrutiny. A civic source said, “Restructuring will now speed up because the relaxations taken by high-rise and environmental committees to get clearances have been done.”

Redeveloping Cidco buildings is stimulated by giving 2.5 FSIs from the state government and lowering the approval standard for two classes of condominiums—housing societies and associations. Societies now need 70:30, while associations now require 51% of flat owners’ approval. The slowdown was anticipated to be easier for the construction industry and modifications to facilitate redevelopment by the Fadnavis Government in 2017 are now anticipated to produce the required outcome.

Previous research by the municipal authorities had indicated that the future of the town was redevelopment with massive investment.

A well-known real estate developer (Godrej) has entered the redevelopment sector in housing construction is been confirmed by the NMMC. Proposal presently for the redevelopment of a building cluster in two adjoining plots in Sector 9 has moved Vashi by the housing society.

Proposals for redevelopment have been mainly driven by developers, but the contract among flat occupants had not yet been inked, said the civic body.

Often, the Cidco buildings in Vashi has recorded fall of the roof and injuries sustained by residents. They decrepit and in 1997, the Bombay IIT inspection study proclaimed them as unsuitable for human habitation.

These are mainly JN1, JN2, and some JN3 type of buildings. JN1 and JN2 are very small and will benefit from redevelopment via 2.5 FSI. There are 135 buildings in sectors 9 and 10 in Vashi.