At the CREDAI-MCHI’s Ease of Doing Redevelopment (EODR) 2.0 conference, Sanjeev Jaiswal, CEO of the Maharashtra Housing and Area Development Authority (MHADA), emphasised the need for strong public-private partnerships to revamp Mumbai’s ageing housing stock. Jaiswal acknowledged the challenges posed by Mumbai’s landlocked nature and underscored the critical role of collaboration between government and private developers in overcoming these hurdles.

Key Insights on Redevelopment Viability

Jaiswal highlighted that redevelopment is not merely about constructing new buildings but also ensuring the viability, transparency, and timely delivery of projects. He pointed to the importance of a clear Floor Space Index (FSI) framework and open communication in maintaining the feasibility of projects and protecting tenant rights. In his speech, he referred to recent amendments to Section 91a, which empower MHADA to take over stalled projects and address compensation issues with landowners. Section 79a now offers fair provisions that help resolve long-standing challenges related to cess building.

Role of Trust and Collaboration in Redevelopment

Boman Irani, President of CREDAI National and CMD of Rustomjee Group, reinforced the idea of collaboration in redevelopment projects. He emphasised that societies must prioritise the developer’s intent, track record, and financial stability, beyond just focusing on numbers. Irani also encouraged trust in appointed committees and consultants, advocating for a balanced approach that avoids unnecessary delays.

Focus on Practical and Transparent Redevelopment

Domnic Romell, President of CREDAI-MCHI and Director of Romell Group, echoed similar sentiments, stressing that redevelopment must serve the needs of residents, not be driven by greed. He urged stakeholders to embrace the RERA-regulated era and move away from outdated demands, such as excessive bank guarantees, as funds are now closely monitored via escrow accounts. Romell also encouraged residents to be informed about their entitlements, such as the 35% fungible FSI, to make better decisions when it comes to redevelopment.

Conclusion

The discussions at the CREDAI-MCHI’s EODR 2.0 conference underline the critical need for collaboration, transparency, and efficient project management in Mumbai’s redevelopment efforts. With a clear focus on public welfare, clear guidelines, and better partnership models, the city’s housing sector can be revitalised to meet the growing demands of its population.