At the HOMETHON Property Expo 2024, key stakeholders discussed the urgent need for redevelopment in Mumbai's Metropolitan Region (MMR) to address housing shortages and infrastructure challenges.
Mumbai RedevelopmentHousing ShortagesInfrastructure ChallengesPublicprivate PartnershipsNaredco MaharashtraReal Estate MumbaiOct 10, 2024
The main focus of the HOMETHON Property Expo 2024 in Mumbai is to address the critical need for redevelopment in the Mumbai Metropolitan Region (MMR) to tackle housing shortages and infrastructure challenges.
Dr. Bhushan Gagrani is the Commissioner of the Brihan Mumbai Municipal Corporation (BMC). He discussed the importance of redevelopment and the need for public-private partnerships to create adequate housing stock.
Mumbai faces infrastructure challenges such as difficulties with urban mobility, parking, road quality, sewage, and water supply. These issues can become problematic as per capita water demand increases.
NAREDCO Maharashtra plays a crucial role in fostering collaboration and awareness in the redevelopment process. They have launched the 'Grihamony Redevelopment Stakeholders Federations (GRSF)' to raise awareness and provide necessary information to stakeholders.
Section 33(7A) applies to the redevelopment of dilapidated, unsafe, authorized tenant-occupied buildings in the suburbs. It has been positively received by private societies, with competitive bidding from developers.
The Aaiji Group has already completed two real estate projects in the region, with two more under development.
Bollywood actress Amrita Singh has recently acquired a residential apartment in Juhu, Mumbai, for ₹18 crore, as per property registration documents. Cricket legend Zaheer Khan has also joined the trend, investing in a high-end property in the city.
To safeguard the interests of homebuyers, MahaRERA has issued guidelines to a real estate developer in Thane, Mumbai, ensuring that all legal documentation for properties is transparent and clear.
Real estate data analytics firm CRE Matrix has reviewed the registered lease agreements, revealing that CitiCorp Services India has rented a significant 7.71 lakh sq ft office space in Pune, with a monthly rent of Rs 6.78 crore.
The expansion will require 7.3 million square feet of real estate and 3.8 billion USD in capital. Mumbai will maintain its leadership, while Chennai is also set to see significant growth.
Mumbai's suburbs are rapidly becoming a hotspot for luxury housing. Real estate consultants in the Mumbai market share insights on the cost and demand for these premium properties in India's major cities.