Redevelopment, which involves relocation of people and businesses, is a method of urban renewal and is much in demand today in India. Growing urban population, demand for better infrastructure, land paucity and emergence of unplanned cities are some of the factors driving the need for redevelopment, especially in metro cities such as Mumbai and Kolkata. Redevelopment can build thriving cities and produce tangible economic benefits.
In a recent poll conducted by ConstructionBiz360, a record 100% voters responded positively to the necessity for redevelopment in urban India.
Explaining the benefits of redevelopment, Anuj Puri, chairman and country head at JLL (India), says, “Redevelopment can be an economic engine that provides additional and better quality housing, helps in boosting property values, creates jobs, expands business opportunities, eliminates urban decay and improves infrastructure. Other potential benefits of redevelopment are reduced urban sprawl, improved economic competitiveness of a city's centre and better opportunities for safety and surveillance.”
Mr Puri adds, “Developers should focus on incorporating historic structures and the cultural fabric of the place into new and rehabilitated development.”
Mumbai focusing on redevelopment
Going high on redevelopment, Mumbai had formed a high-powered committee to screen proposals for cluster redevelopment of old and dilapidated buildings. The committee has already vetted three such proposals — the Pimpalwadi project at Girgaum by Shreepati Developers, Nish Developers’ project at Parel and Saifee Burhani Upliftment Trust’s 18-acre project at Bhendi Bazaar.
The most awaited redevelopment project in the island city is the Dharavi slum, which is expected to take off in coming months, after several delays. In this context, Maharashtra chief minister Prithviraj Chavan said that anomalies in development rules have been sorted out to cater to the demands of slum-dwellers. The present norms allow developers to construct more space than that allocated earlier.
The Dharavi redevelopment plan entails a cost of more than US$3 billion and includes construction of commercial space, shopping malls and luxury apartments.