By: Manu Sharma
Track2Realty Exclusive
Many developers believe that slum redevelopment adds asset value appreciation to the existing properties in the vicinity. This is a primary concern when it comes to town planning and infrastructure development. They say when a slum is redeveloped; the infrastructural development of the area in and around it is bound to happen.
“Most of the big cities in India have slums in prime locations – for instance Besant Nagar in Chennai or Dharavi in Mumbai or Raghuvir Nagar in Delhi. Slum redevelopment enables betterment of living conditions for slum inhabitants and it contributes to a more effective and robust town planning. Hence, from a business point of view, while developers are entitled to get land in prominent areas of different cities at a cheaper rate, on the other hand they help contribute to the society. In my opinion, slum redevelopment is win-win for any developer,” says Monesh Vig, Head, Business Development Omkar Realtors & Developers.
Asking for a single window clearance on slum redevelopment projects, Shailesh Sanghvi, Director, Sanghvi Group says the only challenge that lies in slum redevelopment is to settle disputes and disagreements among slum dwellers and delay in approvals at the Government level. He asserts if there is a single window clearance in place, the process will become faster helping developers to reach faster to the objective of a ‘Slum free India’.
“In Mumbai Slum Rehabilitation Authority (SRA) is taking active steps towards developing slums and changing the skyline of the city. Slum dwellers are provided with better amenities and developers are given extra FSI making it a win-win situation for both. At least 1.2 lakh slum dwellers have been shifted to newly constructed houses in the last decade while another 1.5 lakh houses are currently being constructed across the city. The long term strategy is not only to make the country slum free in a time-bound manner but also to prevent future growth of slums by providing basic services and infrastructure such as sewerage, clean water, street lights, education and health services,” he says.
So the verdict is out. The real estate developers are not shying away from getting into slum redevelopment. All that they want is clarity in policy guidelines and hassle free implementation of the project. Now it is Government’s turn to show the will power in addressing the issue. The Government can set up a committee to find out what is stopping the realty sector in getting into slum redevelopment which is a lucrative business and helps the society at large. Till then the reality of slum realty will remain a “No Entry Zone” for many of the developers, despite of their positive intent.
