Redevelopment of 74 markets to be under old policy

MUMBAI: The civic Improvements committee has cleared the decks for the redevelopment of 74 markets, which was stuck since last over 4 years, based on the existing redevelopment policy which gives equal revenue share for both the BMC and the developer.
The committee rejected the new redevelopment policy proposed by the administration. The BJP joined hands with opposition Congress, NCP, SP and MNS to isolate the Shiv Sena on the issue.
As per the internal report of the BMC, 92 markets, of 107, are in dilapidated condition and needs to be reconstructed. The redevelopment of these markets was stuck due to undecided policy. Of developable 92 markets, 18 have been already given to private parties. 25 are in between the process have stalled permission since last two years because of there was no policy in place whereas the remaining 49 will be developed phase wise.
On Wednesday, the Improvements committee, has rejected the administration’s proposal of revised policy. As per the revised redevelopment policy, the developer would get less share of profit on the locations where the ready reckoner rate is high like Dadar, Bandra, Andheri while the developer get more share than the BMC if the market is located in the low profile area like Dharavi, Kamathipura where the ready reckoner rate is low.
Ruling Shiv Sena and BJP rift could see over the issue. While Sena was in favour of administration, the BJP clearly stand behind Congress. On the basis of majority proposal gets rejected. Now 25 markets which have stuck between ongoing processes will be clear soon.
“It has been decided that the old policy will now be in place. But for the remaining 49 markets, individual proposals will be considered. Principally we have agreed that the old policy will be in place,” said deputy municipal commissioner Dr Kishor Kshirsagar.
Markets, which yet to start redevelopment even after appointed private developer are Sevri, Dadar, Grant Road, Parel Village markets.
The market department sources however said that the stall owners wants markets to be developed by private firm because they would bargain with the private developer to get bigger stalls. On the other hand developer were not happy with the BMC’s new policy in which they would get lesser share of incentive of FSI.
The BMC had proposed a variation in the existing market policy of 2004 that sought to do away with the flat sharing of the incentive to developers giving way for ready reckoner based FSI incentive. The implication would mean that developers’ incentive would be divide and the rest would go to BMC.
It means in posh locality like south Mumbai or Bandra, Andheri where the ready recknor rate is high, the BMC will get more share of profit whereas in Dharavi or Kamathipura area the developer would get more share. Basically, this is the reason the redevelopment has been stuck, said an official.