Niranjan Hiranandani, President

NAREDCO: For years, Mumbai’s Development Plans focused on residential real estate development. This time around, the focus has been equally placed on commercial real estate, with twin focus – first, on decongesting existing CBD areas as also extending the ‘walk to work’ aspect to newer locations. The

Mumbai Development Plan 2034 brings in a serious effort as ensuring the target of affordable homes get constructed within a reasonably short time. The FSI hike for commercial real estate is expected to not just enhance GDP growth, but also encourage employment and economic development.

Shishir Baijal, CMD, Knight Frank India: “Despite the long wait, the

approval of the DP 2034 could be a silver lining.

The move would bring the much needed stability in the real estate market. Key measures such as significant increase in FSI for residential development particularly in South Mumbai and the thrust on affordable housing."

Ramesh Nair, CEO and Country Head, JLL India commented, “The

new DP creates a massive opportunity for affordable housing projects and ensures a fine balance between environment and development.

The land earlier earmarked as salt pans have been opened up for housing, while no further construction is allowed in the Aarey Colony apart from the approved construction of metro car shed.”