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).
High-rise construction along the city’s coastline could pick up pace, with the state government on redevelopment of old and dilapidated cessed building in coastal belts. Such on-going redevelopment projects will be entitled to higher FSI of 2.5 instead of the current 2. This means that for every square metre of plot area, there can be 2.5sqm of built-up space?