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Maharashtra Government - New Rules for Development with Infra

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Maharashtra Government - New Rules for Development with Infra

Maharashtra Government - New Rules for Development with Infra

Maharashtra Government - New Rules for Development with Infra

The Maharashtra government is aiming to enhance the usage of Metro and monorail services by introducing a new Regulation 33(23) focused on transit-oriented development (TOD) zones within the city's Development Control and Promotion Regulations - 2034. These TOD zones will be established within 500m of Metro and monorail stations, as per a government notification. To encourage affordability, the tenement size within TOD zones is set to a minimum of approximately 300 sq ft, similar to a slum rehabilitation tenement, and flats cannot be combined. This initiative aims to attract residents who can utilize these flats for their daily commute.

On February 20, the Mumbai Metropolitan Region Development Authority (MMRDA) reported 80 million ridership for Mumbai Metro Lines 2A and 7 over one year, prompting the government's notification. However, concerns about the gap between ridership estimates and actual demand have been raised. The proposed regulation suggests promoting high residential density in TOD zones, allowing a minimum floor space index (FSI) of 2.25 for a 40,000 sq ft plot, increasing to 4 FSI for a 2 lakh sq ft plot with a 9m road width. On a 27m wide road, a developer can utilize up to 7 FSI on a 2 lakh sq ft plot. FSI dictates the permissible construction on a given plot.

For the underground Colaba-BKC-Aarey Metro Line 3, plans include constructing a vestibule directly connecting to the station, facilitating easier entry and exit for commuters. Architect-activist Nitin Killawala cautioned against further densifying areas around public transport hubs in Mumbai, emphasizing the city's existing congestion. He suggested that this approach may be more suitable for the Mumbai Metropolitan Region, where there are vacant spaces around Metro stations, serving as an incentive for public transport usage. Killawala highlighted the demand for residences near, but not directly in front of, stations in Mumbai, citing price differences between various station areas.
 
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About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/

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