As Old Buildings Await Redevelopment in MMR, Need Enough Housing Stock through Public-Private

As Old Buildings Await Redevelopment in MMR, Need Enough Housing Stock through Public-Private Partnership: Dr Bhushan Gagrani, Commissioner, BMC
~ NAREDCO Maharashtra Collaborates with Ex-MahaRERA Chief Shri Gautam Chatterjee for a Launch of 'Grihamony Redevelopment Stakeholders Federations (GRSF)' for Awareness in Redevelopment ~
Mumbai, October 06, 2024: As old buildings and many eligible in MMR await redevelopment, there is a need to create enough housing stock for which redevelopment is a better compliant by exploring possibilities of public-private partnerships, stated Dr Bhushan Gagrani, Commissioner, BrihanMumbai Municipal Corporation. He was speaking at a Panel Discussion 'Society Redevelopment under Various Sections' organized by NAREDCO Maharashtra on a third-day HOMETHON Property Expo 2024 at the Jio World Convention Centre, Mumbai.
Responding to the demand of reducing the premium on redevelopment by the state's real estate industry, Dr Gagrani stated that various redevelopment avenues could be structured properly with due feasibility.
Dr Gagrani also emphasized upon the need for incentivizing redevelopment in order to address various issues affecting redevelopment, but also cautioned that the incentive provided had nothing to do with feasibility. "For undertaking any redevelopment project, it has to be financially feasible where awareness among the society members is necessary towards redevelopment".
Speaking about the BMC's vision to match the infrastructure with rapid growth of Redevelopment and whether Mumbai would be able to cope up with redevelopment, Dr Gagrani added that Mumbai's Infrastructure might face challenges when the city would undergo redevelopment. "For surface infrastructure like urban mobility, parking areas, quality of roads, we already have the plans ready. The infrastructure below the land like sewage water, water supply might face challenges, as the amount of water per capita is going up".