Mumbai Development Plan 2034: government’s nod for next 16 years of development

By Realty Quarter Bureau

The much awaited Mumbai Development Plan 2034 (DP) for the Greater Mumbai which was long pending recently got the government nod. The Development Plan was unveiled the plan at a press conference by Urban Development Secretary Nitin Kareer, Ajoy Mehta BrihanMumbai Municipal Corporation Commissioner, Housing Secretary Sanjay Kumar. Unveiling the blueprint they said, the main objective behind the development plans is to create 8million jobs and 10lakh affordable house under the Pradhan Mantri Awas Yojana (PMAY) in the metropolis. The development plan is majorly creating a spur in the real estate industry activity in the city and also making some easy way for much needed affordable houses.

Highlights of the Development Plan-

• In the new DP the Floor Space Index (FSI) has been raised up to 3 for the residential purposes while for the commercial properties it has been raised up to 5 from the earlier 1.33 FSI. Floor Space Index or Floor Space Area is basically tool defines the extent of construction permissible of the plot.
• For suburbs development the new FSI will be up to 2.5 and 5 for the residential and commercial properties.
• The new Development Plan 2034 also focuses on the concept of walking to work and the maintenance of open spaces. The new plan suggest to regularize the space alterations and offers additional FSI against the premium amount.
• Additional FSI for redevelopment of housing societies (which will go up to one extra room for each flat owner)

• Overall NDZ is 16,700 hectares of which around 12,900 have now been classified as Natural Area (NA), which includes parts of Sanjay Gandhi National Park, Mangroves, salt pans and parts of Film City and Aarey milk colony, along with a few regions under CRZ.
• DP 2034 proposes to unlock 3,700 hectares of public and private land currently tagged as No Development Zones (NDZ) – this massive land unlocking will open new avenues for real estate development
• There is a target to construct 10 lakh affordable homes through unlocking of NDZ – this is a major push for the affordable housing segment, and much needed to accommodate the ever increasing population in the city
• The largest additions to the city’s developable land banks in recent history

A notification on the development plan will be issued in the next few days. The new development will be implemented one month after the notification is published.