There will be significant changes in term of the redevelopment of Mumbai seafront with the revamping of the Coastal Regulation Zone norms that direct construction in these areas. Numerous old structures and unregulated residential developments that have been awaiting this signal in the areas in question will now be redeveloped. Potentially hazardous structures and slums will now give way to tall buildings that comply with modern construction norms.
Obviously, there is a lot of scope for misuse of the newly revised norms, and the Government will have to enforce strict vigilance to ensure that the city’s developers do not capitalize unfairly on them. The proposed redevelopment will, in any case, take time to be transferred from the drawing board into actuality. It could take as long as eight to nine months for actual development activity to begin.
If the proper guidelines are followed, it can be expected that close to one lakh affordable housing units could result from these revised norms. However, as of now, it is still unclear just what magnitude of land will be liberated for development. Theoretically, it should amount to about 100 hectares, but there is still no clarity on how much of this will remain as no-development zones under the CRZ-1 classifcation, and how much under CRZ II and III.
Only when there is clarity on this front can actual development begin. When the real action begins, development would probably start earlier in Malabar Hill, Andheri, Worli and Bandra, while areas like Mazgaon and Sewri would not be given higher priority.
In any case, we do not expect any significant correction in housing prices to result from the process.
