Real Estate

Real Estate Transactions

With coastal zone norms diluted, realty firms eye Mumbai suburbs

Times of India  

A massive construction boom is on the anvil at prime seafront locations in Mumbai, especially between Bandra and Versova, after Coastal Regulation Zone (CRZ) norms were diluted by the Centre recently. Across the western suburbs, but more particularly in the upscale localities of Bandra (West), housing societies are reaching out to builders to redevelop their properties. For three decades now, stringent CRZ norms had restricted construction activity 500 metres from the high tide line. Floor space index (FSI) – a ratio which defines how much can be built on a plot – was limited to 1. It means on a 1,000 sq m plot, not more than 1,000 sq m of built-up area was permitted. Now with CRZ gone, more than three times the construction will be allowed on such plots.