Latest Mumbai Property Market News

Mumbai has always been at the forefront of real estate hotspots in India. Recent government initiatives show that the city continues to hold the coveted place with the authority. The Mumbai International Airport Slum Rehabilitation Rrogramme, a facelift for Greater Mumbai and the controversial project of redevelopment of Dharavi, Asia’s largest slum are all in the pipeline. The airport slum rehabilitation project has been bagged by the real estate developer Housing Development and Infrastructure Ltd. (HDIL).They have already won the bid for the Mumbai international airport.

According to HDIL’s official estimate, out of 276 acres of available land 180 acres will be utilized for airport development and the remaining 96 acres for community development. Concerned officials have speculated the whole work to be completed within 4 ½ years. Some of the slum dwellers are slated to be rehabilitated to a 50 acre plot at Gorai and Malawi close to Malad. In total 85,000 families are in the rehabilitation list.

Coming to the next big real estate news, Greater Mumbai is going to get a face lift which can bee seen as the beginning of the ambitious drive to remodel it like Sanghai of China. This massive project has gone to Mumbai Metropolitan Regional Development Authority.(MMRDA).It will undertake a number of infrastructural development and constructional projects in Greater Mumbai with a budget of Rs 2,444 crore.They will materialize the proposal of building new rail link between Bandra and Kurla, an effort which will open the link between the central and western railway corridors of Mumbai suburban railway.

The authorities have also done roadmaps for the Mumbai Urban Transport Project (MUTP),the Mumbai Infrastructural Project, Mumbai Rail Transport System(MRTS)and a flyover building project entrusted to the Maharashtra State Road Development Corporation(MSRDC).MMRDA has gathered Rs 2,523 from different sources and have taken a loan of Rs 474.60 cr from World Bank in addition of Rs 10 cr from leased land and Rs150 cr from Jawaharlal Nehru National Urban Renewal Mission. One project is in store for Dharavi as well. Dharavi, arguably Asia’s biggest slum, spanning over an area of 1.75 km and sheltering about 3,00,000 people has often been termed as an eyesore in the heart of Mumbai . The increasing pollution level, underground activities, and human health hazards inside Dharavi have drawn criticism. The dwellers running self sufficient economy in Dharavi have repeatedly opposed any kind of redevelopment work. Finally 5 companies have been asked to carry out the project which aims at cleaning the slums, building high-rises and rehabilitating the slum dwellers.

DLF India Ltd., Kalpataru Constructions Pvt. Ltd., Unitech Ltd. and companies belonging to Reliance Industries are pitted for the job. An estimated Rs9300 cr is going to be spent .This comes as a victory for the government which failed to negotiate in 2006 and had to shelve the project.