Track2Realty: Western suburbs of Mumbai are set for a facelift through redevelopment post the new Development Control Rule (DCR). Ravi Sinha speaks to Lalit Kumar Jain, CMD, Kumar Urban Development and CREDAI President to understand whether it would add more pressure on the existing crumbling infrastructure of the suburbs. Excerpts of the interview:
Track2Realty: India’s urban housing shortage is estimated at nearly 18.78mn households in 2012. By 2050, 900mn people will be added to Indian cities. The rapid pace of urbanization owing to the rural–urban migration is putting a strain on the urban infrastructure in these cities, indicates the KPMG – NAREDCO study on Real Estate and Construction industry, “Bridging the Urban Housing Shortage in India”.
Track2Realty-Agencies: To provide cheaper houses for lower income groups, the Ministry of Housing and Urban Poverty Alleviation (HUPA) is working for the inclusion of affordable housing in the infrastructure list.
Track2Realty Exclusive: While the Vijay Kelkar Committee has strongly advocated in its recommendation to the Central Government that monetisation of the government land can finance the basic urban infrastructure needs, a move in that direction has set the tone for a fresh debate in Maharashtra.
Track2Realty: In terms of planned urban growth, the evidence for real estate development being backed by the creation of associated physical infrastructure is higher in Noida and Greater Noida. Gurgaon and Faridabad are at the opposite spectrum, where infrastructure is developed after the real estate potential of an area has been nearly fully exploited. In other words, infrastructure projects in these areas is largely taken up only after an area is already primed for real estate growth. Even so, Gurgaon has seen the maximum capital appreciation for investors and end users.
Track2Realty: Government is coming out with new PPP models to fast track infrastructure projects, said Jitin Prasada, Union Minister of State for Road Transport and Highways, while inaugurating the Conference on Infrastructure Project Management, organised by Confederation of Indian Industry in New Delhi on Thursday, Sep 20.
It is a latter-day fact that project development on the outskirts of Indian metros begins before the necessary infrastructure has been put down. This happens because demand for developed spaces in cities like Mumbai, Delhi, Bangalore and Chennai is high enough to make even hastily established projects financially feasible for developers.
The new concept of integrated townships is now more about a single developer taking over a large tract of land. There are benefits too. “The infrastructure is under the developers’ control,” explains Anuj Puri, Chairman and Country Head, JLLI, adding that the developer can plan and use the FSI better, and long-term maintenance is a possibility.
Integrated townships can reduce the burden on infrastructure and provide a fulfilling lifestyle for buyers, at a much reduced cost all round. Gulam Zia, National Director – Research & Advisory Services, Knight Frank India points out, “Of late, the planning authorities and Government bodies have realised the importance of integrated townships and are giving special concessions for creation of such townships.
What goes into the strategic planning of an integrated township to make it a case study in flagship project? One such integrated township in Mumbai is Kohinoor City at Kurla Vidyavihar. Atul Modak, Head of Kohinoor City says, “What we considered was the need to provide plenty of recreational space and all ultra-modern amenities. It truly had to be a ‘city’ where all their needs and luxuries could be met.