NRI Real Estate and Property Investment in India
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Seeking Foreign Investment for Mumbaiís Makeover
Wednesday, July 11, 2007

The Remaking of Mumbai Federation (RoMF) has estimated an expenditure of Rs.20, 000 crore to rebuild Indiaís financial capital, and hopes to draw from overseas investors and partnerships to fund its makeover plans.

The RoMF has identified 20,000 buildings which need a new look, and has recommended a higher floor space index for development. Amongst its other proposals, RoMF has suggested a single planning and regulatory body based on the public-private partnership model to closely work on every sector.

It recommends a vertical growth, allowing for free spaces in the city. The pilot project is targeting the congested neighbourhoods of Chira Bazar and Bhuleshwar.

The RoMF is a representative body of members from industry, non-profit organisations, housing and financial institutions, real estate developers and tenant bodies.

It was launched in March this year, led by Lalit Gandhi, the CMD of the Lok Group and supported by HDFC chief Deepak Parekh, Municipal Commissioner Johny Joseph and Bombay First Chairman Narinder Nayar The representatives of the body will attend a conference in Shanghai on the Council on Tall Buildings and Urban Habitats (CTBUH), and hope to gain in terms of acquiring design and technical expertise through interaction with the 300 delegates attending the global workshop.

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»Mumbai Real Estate Receives a Boost from Railways

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