Deciphering Mumbai’s Future, unveiled by Honourable CM of Maha Shri Fadnavis

Knight Frank India, one of the leading International Property Consultants launched a report on the Mumbai Development Plan 2034 – Development Control Promotion and Regulation (DCPR 2034). Titled DCPR 2034 – Deciphering Mumbai’s Future, the report delves into the fine print of the DCPR 2034 and what it spells for the residential and office sectors. The report was launched at a knowledge seminar on EODB and DCPR 2034 organised by National Real Estate Development Council (NAREDCO). The report was inaugurated by Shri Devendra Fadnavis, Honourable Chief Minister of Maharashtra in the presence of Shri Prakash Mehta, Honourable Minister for Housing, Government of Maharashtra along with Shri Ajoy Mehta (IAS) Commissioner MCGM. Shishir Baijal, Chairman & Managing Director, Knight Frank India, presented this report to the luminaries. Commenting on the report, Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “With the release of DCPR 2034, the last level of uncertainty has ended. The developer community can now progress with confidence. The policy provides clarity and focus for future development of Mumbai. The development plan (DCPR 2034) is a crucial policy which can shape the future of our city, hence, it should be given paramount importance. The current DCPR 2034 has several positives and is a step in the right direction, however, we believe that there will be areas to work on further. The DCPR 2034 has provided a fillip to the commercial sector in Mumbai by way of incentivized FSI, however, the high cost of the FSI could be a challenge. On the residential front, measures such as opening up of land for promoting affordable housing and unification of carpet area definition will prove to be a boon for home-buyers. All in all, the current DCPR 2034 has something to offer to all stakeholders and we are optimistic that it will have far-reaching implications on Mumbai’s growth over the next two decades.” RajanBandelkar, President, NAREDCO West said “The DCPR 2034 has opened new doors of opportunities for the developers with an introduction of new impactful norms including an increase in FSI for office development, creation of smart cities, slum rehabilitation, linking of permissible FSI to road and adoption of RERA definition of carpet area. DCPR 2034 is the progressive step taken by the authorities and it indicates a promising growth of the real estate sector.”