The way ahead

In many coun­tries such as Sin­ga­pore, old struc­tures have been re­de­vel­oped to co­ex­ist with mod­ern sky­scrapers

HT Estates - - NEWS - Van­dana Ram­nani

If im­ple­mented well, re­de­vel­op­ment could lead to pri­vate co­op­er­a­tive hous­ing so­ci­eties get­ting to­gether to re­de­velop flats. Th­ese so­ci­eties could end up get­ting brand new ameni­ties at ab­so­lutely no cost - the ex­tra apart­ments cre­ated could be used to pay for the re­de­vel­op­ment.

This is al­ready hap­pen­ing in Mum­bai where builders are find­ing it cheaper to raze old build­ings and set up new units. It is also cheaper than buy­ing new land from the gov­ern­ment.

Ac­cord­ing to Amit Bhatt, a town plan­ner, many coun­tries have FAR in dou­ble dig­its. Hong Kong, for in­stance, fol­lows what is known as the Value Cap­ture Propo­si­tion in which some land parcels along the metro are sold when prices go up af­ter the metro is func­tional. “Money re­cov­ered from the sale of th­ese plots helps in fund­ing the en­tire metro con­struc­tion and there is no sub­sidy bur­den,” points out Bhatt.

In Mum­bai, too, fund­ing is done through the trans­fer of de­vel­op­ment rights mech­a­nism. The TDR (trans­fer of de­vel­op­ment rights) pol­icy was launched in 1991. Un­der the scheme, owners whose plots were re­served for play­grounds, mar­kets and gar­dens or meant for road widen­ing — could sur­ren­der their land to the Bri­han­mum­bai Mu­nic­i­pal Cor­po­ra­tion and get an equiv­a­lent space in the sub­urbs. This is also a rev­enue gen­er­a­tion mech­a­nism.

Sin­ga­pore, too, is a good ex­am­ple where old struc­tures have been re­de­vel­oped to co­ex­ist with mod­ern sky­scrapers. The coun­try also does a pe­ri­odic re­view of build­ings that are over 25 years old. The Ma­rina Bay area is a case in point. It is lo­cated on an area of re­claimed land which was for­merly the Telok Ayer Basin. The area is to­day one of the lead­ing fi­nan­cial cen­tres.

Ca­nary Wharf in East Lon­don is an­other ex­am­ple. Once known for its ware­houses and waste­lands, the area has now been trans­formed into a mod­ern ur­ban liv­ing zone.

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