The National Coastal Zone Management Authority (NCZMA) recently reclassified Khar Danda area as a creek. The reclassification is expected to bring in strong incentive for the developers in the area.
As Coastal Regulation Zone (CRZ) norms in the Khar Danda area are eased, the stage is all set to spur redevelopment activity the area. The CRZ normally restricts development within 500 metres of the high tide level of the sea, but this restriction is only 150 metres for creeks.
The latest decision implies that restrictions on construction activity on several plots will be eased in the area. A number of real estate developers were trying to redevelop slums or old buildings in the Khar-Bandra belt – one of the most sought after real estate areas in Mumbai, but were stuck due to restrictions.
Analysts also believe that increased supply will ease the exorbitant rates in the area.