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What Does The Bmc Have In Mind For Upcoming Projects In Mumbai?
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Known to many as the 'City that never sleeps', the island of Mumbai has regularly attracted large numbers of tourists and people, from across the country and the globe. Being a commercially and economically developed city, several industry experts have compared the infrastructure of Mumbai to its foreign counterparts such as New York and Munich. However, for the residents of the city, regular life in Mumbai isn't always a good experience. Rapid increase in pollution, excessive migration, rise in temperatures and constant breakdown of civic facilities have slowed down the rate of growth and progress by a huge margin. With regards to the real estate and property industry, several top builders and construction magnates are shying away from introducing new residential projects in Mumbai, for fear of failure or thanks to the excessive legal work surrounding the procedure. However, after the latest BMC proposal that raised many eyebrows, the future finally looks bright for the beautiful city of Mumbai.
The prime civic body responsible for all public service affairs within the city, the Brihanmumbai Municipal Corporation (BMC) has finally announced that it has proposed to spend a total of Rs. 31,178 Crore in 2014, to improve the current infrastructure and other facilities of Mumbai. This amount is approximately Rs. 3,600 Crore more than the Rs. 27,578 Crore proposed in the budget for 2013. The refusal to hike tax rates and the upcoming Lok Sabha and State Assembly elections have played a major role in the budget rise. Being the highest earning municipal corporation in the country, the BMC has dedicated Rs. 2,500 Crore, for major road projects such as filling of potholes, completing stalled highways and roads, improved traffic control, reconstruction of worn out bridges and cross overs and renovation of the subways at Chhatrapati Shivaji Terminus and Churchgate railway stations. This will result in the introduction of new commercial property in Mumbai (Southern Region), as vast majority of public will resort to visiting these stations regularly, to experience the improved infrastructure.
Here are a few of the proposals placed forth by the BMC for the year 2014:
1. Construction of exclusive Burns-free hospital and full fledged Cancer centre.
2. Rs. 2,500 Crore to improve condition of roads, will special treatment of potholes for improved traffic flow.
3. Construction and maintenance of dedicated centres to speed up water bill and tax payment along with collection of birth and death certificates. These centres will be open 12 hours a day, from 8 A.M. to 8 P.M. and also on weekends.
4. Rs. 8.5 Crore to introduce 3 mobile labs that measure and report air and noise pollution levels in the city.
5. Rs. 1 Crore for the construction of public toilets for women.
6. Rs. 1 Crore to upgrade and improve the Scouts and Guides Camp site operating in Powai.
7. No tax hike, which will encourage the introduction of new residential projects in Mumbai.
With so much activity on the radar and the positivity and hope exhibited by the latest proposals put forward by the BMC, times have never looked better for the city of Mumbai. The ones who will benefit most from the announcements will be those looking to build or purchase commercial property in Mumbai and those looking to reside in and around the low end, cost effective areas of the city. But all-in-all, it is the common man who will experience the biggest positive change in this fast paced life of the city.
Umov Mehta is an author and real estate expert at a large website for properties in India. His work is recognised by top property professionals in the industry.
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