NRI Real Estate and Property Investment in India
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Mumbai Real Estate Receives a Boost from Railways
Wednesday, October 03, 2007

It was the defunct mill properties first, followed by Dharavi, and now itís the railways. The cityís meagre land resources are slowly beginning to swell, as sprawling tracts of under-utilised land are being made available for real estate projects in Mumbai.

The Railways are planning to free up its commercial properties in Mumbai in a phased manner in Bandra, Chhatrapati Shivaji Terminus, and Mumbai Central which add up to 750 acres.

In Bandra, the railways propose to develop 2 lakh sq. ft which would contribute almost Rs.6000 crore to its exchequer.Private developers in Mumbai would participate in the projects, who are waiting for the Maharashtra Governmentís approval for a floor space index (FSI) of 4, up from the current index of 1.5 The FSI pertains to the ratio of the total floor area of the buildings to the size of the land.

A FSI of 4 will enable the railways to construct more floors on these properties. A 20-floor commercial property in Bandra has been envisaged, creating 2 lakh feet of commercial space.

As per the plan, the Railways would profit by Rs.100,000 crore over the next two years from this divestment, and deploy the funds in the Mumbai Urban Transport Plan to link the suburban network estimated to cost Rs.5,000 crore.

Related Readings

»Commercial Rentals in Mumbai on the Rise
»Seeking Foreign Investment for Mumbaiís Makeover

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