Jan 5, 2008

Mumbai Residential Development Projects of 2008

Five new residential projects have started in Mumbai this year.

1. Redevelopment of south Mumbai's old buildings will involve tearing down of south Mumbai's old buildings. The state government has inked an agreement with lok Housing to redevelop 2000 decrepit buildings in a joint venture with MHADA. Buildings considered dangerous will have mandatory eviction of the tenants and entire clusters will be redeveloped. This project will create new housing stocks for additional private tenants in the prime South Mumbai location.

2. Kilburn Engineering Project, Bhandup. The entire stretch of Lal Bahadur Shashtri Marg from Kanjurmarg to Mulund is undergoing the transformation. Housing development and Infrastructure limited (HDIL) has acquired 8.32 acres of property belonging to Kilburn Engineering. Hundreds of premium flats are likely to be available in the market over the next 12 months.

3. Dharavi Redevelopment project. The Rs. 90,000 crore project will transform the face of Asia's largest slum and develop massive 70 mllion sq feet of built-up space. This project has a huge political backing as well.

4. Mass-Housing in Panvel. Investment firm Eredene Capital in association with Matheran Realty is set to build 1,85,000 low income residential units at a site in Panvel.

5. Hiranandani Township in Panvel. This is a new residential township in Panvel spread across an area of 280 acres. The built up area of the residential township will be 18.3 million sq feet. The plan includes a mix of flats, town homes and villas. Large open spaces with parks and pedestrian corridors to offer premium lifestyle is planned.