I’m thrilled to share that after continuous efforts by the esteemed team at CREDAI- MCHI, the Maharashtra government has made a significant move to boost the redevelopment of old buildings in Mumbai. The government has announced a 50% concession in floor space index (FSI) premium for cluster redevelopment schemes under regulation 33(9) of the development control and promotion regulations (DCPR) 2034.
The recommendations of CREDAI-MCHI were well-received, and concessions were accepted for most redevelopment schemes for a year.
Now, I am proud to witness the reinstatement of concessions following our persistent advocacy. The cluster development policy will play a vital role in addressing urban growth challenges, inadequate infrastructure, and aging buildings. By forming a cluster, multiple plots or buildings can be redeveloped together, providing wider roads, improved water supply, drainage systems, and electrical works. This holistic approach ensures
enhanced living standards for Mumbaikars.
The 50% waiver on premium charges levied by authorities is a significant step towards affordable housing in the city. These concessions will not only benefit the redevelopment projects but will also optimize land use by replacing smaller structures with taller buildings.
I want to extend my sincere appreciation to the Maharashtra government for acknowledging the importance of cluster redevelopment and implementing these favorable policies. Together, we can ensure that Mumbai continues to evolve sustainably, providing affordable homes and modern amenities for its residents.