'Over 25 thousand buildings in MMR are qualified for redevelopment'

More than 25,000 buildings in the Mumbai metropolitan region (MMR) with an estimated value of Rs 30,000 crore are qualified for redevelopment, according to Dhaval Ajmera, secretary, CREDAI-MCHI.

As per Municipal Corporation of Greater Mumbai (MCGM) norms, any building that is more than 30 years old or is declared dilapidated by MCGM can qualify for redevelopment.

Ajmera was speaking as CREDAI-MCHI announced an exhibition on 'Redeveloping Mumbai: Ease of Doing Redevelopment (EODR) in Mumbai’.

“The EODR exhibition aims to bring together key stakeholders to simplify and expedite the redevelopment process, offering housing societies an exclusive platform to directly interact with leading developers and project management consultants (PMCs).”

According to CREDAI-MCHI, the event is supported by government bodies such as the Brihanmumbai Municipal Corporation (BMC), Maharashtra Housing and Area Development Authority (MHADA), and the Slum Rehabilitation Authority (SRA).

The estimated value of redevelopment in MMR is over Rs 30,000 crore, as per CREDAI-MCHI. Key micro-markets like Dadar, Prabhadevi, Bandra, Worli, Vile Parle, Juhu, Malabar Hill, and Mahalaxmi are leading the redevelopment trend. Fifteen to 25 per cent of property registrations in Mumbai are now linked to redevelopment efforts.

However, while speaking with Business Standard about the criteria set for developers, in terms of financial stability and project delivery efficiency, to participate in the exhibition and take up potential redevelopments, Ajmera said, “We do not scrutinise financials of the developers; that is for the societies to do. For us, every developer is equal, and we encourage every developer to participate. However, we look at whether a developer is doing or has done a redevelopment project. And if they are an MCHI member with experience, that gives them entry.”