The Supreme Court has given the green light for the redevelopment of old residential buildings in Mumbai. The SCs move could change the face of Mumbai.
With about 19,000 buildings to be redeveloped and a floor space index or FSI of 2.5 and more, about 200 million square feet of residential space is expected to be created in Mumbai, over the next few years.
And on the face of it, more supply may mean lower property prices. But lets not get too excited, considering the time taken to redevelop all these buildings, an impact on property prices will be visible only in the long run, especially in South Mumbai, where most of these buildings are situated.
More : moneycontrol.com
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