Mumbai's Housing Policy for Project-Affected Persons Gets CREDAI-MCHI's Thumbs Up
CREDAI-MCHI welcomes state government's policy on housing for project-affected persons, expecting a positive impact on the real estate sector and urban landscape.
MumbaiCredaimchiReal EstateHousing PolicyProjectaffected PersonsReal Estate MumbaiAug 08, 2024
According to the policy, the Brihanmumbai Municipal Corporation (BMC), Slum Rehabilitation Authority (SRA) and the Mumbai Metropolitan Region Development Authority (MMRDA) are required to prepare a detailed action plan to create a sufficient number of flats for PAPs in the next 15 years.
Heralded as a forward-thinking initiative, this policy promises to mitigate the challenges faced by PAPs and bolster urban redevelopment efforts, CREDAI-MCHI said. The policy stipulates that additional flats created in residential projects regulated by BMC and MHADA will be allocated for PAPs.
Explaining the benefits of the policy, CREDAI-MCHI President Domnic Romell said that by mandating the construction of flats specifically for PAPs, the government ensures a steady supply of housing units, reducing the strain on existing housing stock. This move is expected to accelerate urban redevelopment projects by providing clear resettlement options for displaced individuals.
The policy's emphasis on improving Transfer of Development Rights (TDR) generation and utilization will make PAP housing projects more economically feasible. Developers will be incentivized to participate in these projects, ensuring that the necessary financial mechanisms are in place to support large-scale redevelopment.
A coordination committee will prioritize the availability of PAP flats, ensuring a streamlined process. This committee, involving various planning authorities, will oversee the implementation and address any challenges that may arise, facilitating smoother execution of the policy.
Developers will be allowed to amalgamate plans of various planning authorities, enabling them to adjust the premium payable to authorities by up to 50% on the units from the sale component. This flexibility is expected to attract more developers to engage in PAP housing projects, ensuring a robust supply of flats.
CREDAI-MCHI applauds the government for this visionary initiative. It reflects a commitment to inclusive growth and sustainable urban development. With careful implementation and continued focus on the needs of PAPs, this policy can serve as a model for other states and contribute to the holistic development of the city’s urban centres.
Frequently Asked Questions
What is the main objective of the state government's policy on housing for project-affected persons?
The main objective of the policy is to provide flats to individuals displaced by ongoing infrastructure projects and to mitigate the challenges faced by project-affected persons.
Which authorities are required to prepare a detailed action plan to create a sufficient number of flats for PAPs?
The Brihanmumbai Municipal Corporation (BMC), Slum Rehabilitation Authority (SRA) and the Mumbai Metropolitan Region Development Authority (MMRDA) are required to prepare a detailed action plan.
How will the policy benefit the real estate sector and urban landscape?
The policy is expected to accelerate urban redevelopment projects, provide clear resettlement options for displaced individuals, and ensure a steady supply of housing units, reducing the strain on existing housing stock.
What is the role of the coordination committee in the implementation of the policy?
The coordination committee will prioritize the availability of PAP flats, ensuring a streamlined process, and oversee the implementation and address any challenges that may arise.
How will the policy incentivize developers to participate in PAP housing projects?
Developers will be allowed to amalgamate plans of various planning authorities, enabling them to adjust the premium payable to authorities by up to 50% on the units from the sale component.
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