Bandra colony reconstruction plans in Mumbai
Bandra colony reconstruction plans in Mumbai real estate is one of the various reconstruction plans going on in the Mumbai City. The staffs quarters that are allotted to the people are not in the good condition and the people are demanding for the redevelopment or the reconstruction. This is going to be a very bigger redevelopment project in Mumbai. The Maharashtra government working staffs have reported on the development and the reconstruction for their residential zone. Based on the report submitted by them there is going to be a redevelopment in the 96 acres quarters in the Mumbai city in the Bandra colony. This construction is going to be made in the transfer basis.
Not only in the Bandra colony but also in the other areas this reconstruction procedure and the real estate projects are getting its importance in the Mumbai city.
Bandra colony reconstruction
The residents who reside in the Bandra colony have given many reason stating that the properties that are present are in the damaged condition and it has to be renovated in the proper manner. Because of the damage of the property the people state that they are facing many problems and they also suggest that their problem will cleared and solved if there is a proper redevelopment procedure in the properties that are present already. It can also be said that the redevelopment projects in Mumbai will also be responsible in providing the extra lands and the enough space for construction for the real estate development.
In the Bandra colony there are more than 5,000 families and there are many houses. Taking this into consideration, the government of Mumbai has given a statement and has also planned for the relocation for the existing staff in some other multi storey building and this process requires a minimum of the 25 – 30 acres of the land and this allocated land can be used for the relocation. The remaining lands that are allotted can be used for the further real estate development of the government.
Cost features of Bandra colony reconstruction
There is also some estimation given to the cost factors for the reconstruction procedures. When all the necessary things are ready in the hand the procedure will be started and the real estate in Mumbai will be used for the reallocation and the allotment. The redevelopment project that is estimated is expected to be of Rs 1,686 crore and this is going to give a revenue estimation of about Rs 1, 899 crore. This means that the Bandra colony real estate construction is going to give great revenue for the Mumbai government. It is also said that the Bandra colony reconstruction is going to give the government very huge revenue as the government is spending huge money for the purpose of the annual maintenance.
The capital values currently for the residential properties are supposed to be around Rs 14,000 per sq ft in the Bandra reconstruction in Mumbai. The luxury apartment units are giving a command that the reconstruction range of the apartment will be from Rs 30,000 – 40,000 per sq ft. And the rates for the official spaces are also given importance and given estimation. The Bandra – Kurla complex are given estimation at the rate of Rs 350 – 375 per sq ft.
Advantages of the Bandra colony reconstruction
As the real estate construction in Mumbai is gaining good popularity there are lots of advantages that are associated with the Bandra colony reconstruction procedure. This reconstruction is done on the reclaimed land in the peek zone. The zone of the reconstruction is a very high developing area. The reclaimed land was made in the year 1958 – 60. The most importance advantage of Bandra colony construction is that the reconstruction site is located in the western express highway. This Bandra colony reconstruction is situated close to the Mumbai's secondary business district which is known as the Bandra – Kurla complex.
The other advantage is that the reconstruction will be done on the basis of the new sophisticated design so that the construction will be completed in the convenient way. It is expected that there will be a great increase in the Mumbai real estate market rate because of this reconstruction procedure. The sanction if provided for the reconstruction and the redevelopment plan then there will definitely be a great development in the real estate in that Zone. This will also help in the directing of the construction of the government offices in the correct and convenient manner in the Mumbai suburbs.
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