The successful implementation of the cluster development scheme and redevelopment of cessed buildings will generate at least 2.5 lakh housing units in the city.
According to Liases Foras, a real estate research firm, the redevelopment of cessed buildings will generate 1.50 lakh housing units, while the implementation of cluster redevelopment will create 26,272 housing units after rehabilitating the existing tenants. According to a conservative estimate, if the entire 16,000-odd buildings are developed in a cluster mode, the city will get 2.5 lakh housing units, said an expert.
“There is no virgin land available in the island city and redevelopment is the only option,” said Paras Gundecha, former president of Maharashtra Chamber of Housing Industry (MCHI).
Rustomjee has carved a niche for itself in the real estate sector and is today synonymous with innovation, customer satisfaction, transparency and developing luxurious, affordable and value for money projects.
Rustomjee was amongst the first developers to tap the massive redevelopment opportunities in a space-starved Mumbai and has successfully redeveloped many properties thereby providing residents with better infrastructure and state-of-art facilities. They have transformed the homes of thousands of families who now live in homes equipped with better security, more living space, landscaped gardens, swimming pools and gymnasiums, padded play areas for children and libraries. Each of their redevelopment projects is tailored with amenities chosen to enhance the living standard of people for a lifetime.
For more information on Rustomjee’s projects, visit: http://rustomjee.com/
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Redevelopment is a process of urban renewal. The potential benefits of redevelopment in a city are many. It not only reduces urban sprawl but also improves the economic competitiveness of city’s prime precincts.
Mumbai has, for many years now, been a subject of redevelopment to catalyse urban renewal and improve the quality of real estate and infrastructure. A fast-growing population’s demand for space amidst limited availability of developable land has forced the redevelopment of old properties into brand new structures.