The Brihanmumbai Municipal Corporation (BMC) has taken a significant step towards enhancing its revenue by forming an internal panel dedicated to land development and redevelopment strategies. This move marks a departure from the previous plan to appoint external consultants and reflects a strategic shift towards leveraging in-house expertise to optimise revenue generation.
The BMC’s decision to establish an internal committee underscores the complexity and scale of the redevelopment process, which is expected to take time. According to an additional municipal official, the new team of BMC officials will be tasked with creating comprehensive guidelines aimed at boosting revenue through various redevelopment initiatives. One of the primary goals outlined in the civic budget is to achieve an annual revenue generation of INR 10,000 crore from leasehold and tenanted properties.
To this end, the BMC intends to solicit ward-wise or zone-wise bids for the development of municipal tenanted properties, particularly those clustered in specific wards. This approach is anticipated to streamline the redevelopment process and maximise financial returns. The redevelopment strategy includes potential proposals for rehabilitation and sale on single or multiple plots within these clusters. The BMC plans to explore the financial potential of vacated plots through various options, including auctions, to further enhance revenue streams. This strategy reflects a proactive approach to utilising available assets effectively.
Current records indicate that the BMC manages approximately 4,000 tenanted properties, with around 700 of these having already been redeveloped. These properties primarily consist of Bombay Improvement Trust chawls located in Mumbai’s island city area. The new redevelopment plan is expected to accelerate the transformation of these properties, addressing both housing demands and revenue goals.
