Real Estate News - Mumbai - Page 3

House of Hiranandani to Redevelop 5 Mumbai Societies

Realty firm House of Hiranandani will invest Rs 3,200 crore to redevelop five housing societies in Mumbai.

The company has presence in Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad and Chennai.

The company said it has signed additional redevelopment projects of 17 lakh square feet with a GDV (Gross Development Value) of Rs 5,000 crore.

"The company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3,200 crore," House of Hiranandani said in a statement.

These five housing societies in Chembur comprising 459 tenants include redevelopment of Maitri Park in Chembur East, admeasuring about 9 acres and Shrinagar Society in Chembur West, a cluster of four societies admeasuring about six acres.

The company said it is in the process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years.

Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani said, "Redevelopment of established societies is a new opportunity that House of Hiranandani would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure."

"Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock the potential of these spaces, create world class infrastructure and amenities for the residents and also transform the clogged spaces into planned sustainable and liveable communities," he said.

House of Hiranandani has an experience of over four decades in the real estate industry.

Along with residential, House of Hiranandani has also constructed over 12 mn square feet of area in the commercial sector.

Till date, House of Hiranandani has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate.

Source: PTI

As Mumbai suburban rents soar, experts call for key housing policy changes

https://www.moneycontrol.com/news/business/real-estate/as-mumbai-suburban-rents-soar-experts-call-for-key-housing-policy-changes-12819058.html

In Mumbai’s transformation journey, slum rehabilitation is being left behind

Mumbai, one of India's most dynamic urban centres, is undergoing a transformation as redevelopment projects surge across both the island city and the suburbs.

Despite one in every three residential launches now coming from redevelopment efforts, a key issue remains unresolved—slum rehabilitation. Conducted largely under the Slum Rehabilitation Authority (SRA), slum redevelopment remains dominated by smaller, local developers.

Large real estate companies, with greater financial capacity, tend to shy away, citing the complexity of dealing with slum dwellers, political interference, and unresolved land issues as major hurdles.

Mumbai’s branded developers, such as Rustomjee, Mahindra Lifespace Developers, Godrej Properties, and Raymond Realty, have focused primarily on redevelopment projects in non-slum areas.

The incentive for developers lies in the “free-sale component”, which allows them to sell a portion of the project in the open market. However, despite this incentive, large developers mostly remain hesitant to engage in slum rehabilitation.

Credit: Moneycontrol

Slum clusters across Mumbai

According to SRA data, Mumbai's urban landscape is dotted with around 2,600 slum clusters. They stretch from the southern tip of the city in Colaba to Dahisar in the north-west and include major slum areas in the central and eastern suburbs of Sion, Ghatkopar, Kanjurmarg, and Mulund.

The SRA lists roughly 1,700 ongoing rehabilitation projects, with over 500 believed to be stuck at various stages of development, as per industry estimates. Since SRA's inception in 1995, more than 2,300 slum rehabilitation projects have been completed, housing more than 2.5 lakh families.

The challenge is enormous. More than half of Mumbai’s population lives in slums or slum-like accommodations, including the historic chawls, group housing built in the early 20th century for factory workers. However, exact data on the number of slum dwellers is unavailable, as the most recent Census was conducted over a decade ago