Plan for Mumbai’s next big business hub in western suburbs is back on track
After the initial obstacles and a correction of the course by the government, the plan of Minister Debendra Fadnavis to create a business district in Oshiwara seems to be back on track.
The business district project in the western suburbs grew after the urban development department of the state-modified notification to promote the development of mixed users Oshiwara, bringing in half the additional floor space index (ISP) for construction Of housing last November.
“Oshiwara Center District (ODC) is a flow field project, so development depends on the initiative of existing owners.
After the state decided to promote FSI up to 4 business units and up to 3 for residential use, we have now received a good response from developers of residential and commercial units here, “said MMRDA commissioner Madan UPS.
Madan said that with the response and requests of the owners interested, ODC will house 20,000 additional homes, in addition to generating employment at 2.5 lakh.
This commercial enclave will house a mix of information technology and BPO units, as well as those related to the entertainment industry and retail units, including shopping malls and restaurants.
The additional FSI is acquired by paying the Government a premium of 60% of the market value of the land, Madan reported.
FSI is an urban planning tool used by the state to promote development. Refers to the relationship between the constructed area and the total plot size and generally indicates how a developer can build.
Plans for an ODC was almost canceled last year after the planning agency – the Mumbai Metropolitan Development Authority (MMRDA) – said the state government there is no demand for business units in the plot proposed 102 hectares.
The state department of urban development subsequently modified its initial notification to consume 50% of ISPs to 3 for residential units are consumed by trade and 50% of FSIs up to 4 business units used for housing construction.
The state expects the development of mixed users to bring a different character to Oshiwara, different from BKC and Nariman Point, companies oriented to a large extent. Property prices in the city have increased by 30% over the past year with the real estate market price here from Rs15,000 per square foot.
With a new suburban train station and Subway Corridor 2 through Oshiwara, connectivity for this business area is also unlikely to be a problem, said MMRDA officials.
The big question is whether Oshiwara joint development really can generate many jobs and accommodate as many offices as the authorities are waiting against the thousands of homes it is likely to create.