Mumbai may see land price correction

Measure

Land to be freed

Expected price correction

ULCRA

25,000 acres

25-30 per cent

Dharavi redev

360 acres

25 per cent

Salt pan redev

5,500 acres

15-20 per cent

 The first signs of a slow down in prices have already emerged after redevelopment of Dharavi was announced.  With this projecct, expected to cost Rs 9,300 crore the government aims to develop 14 million sq feet of commercial space and 30 million sq feet of residential space in the next seven years.  The industry experts believe that once developed, the area could have a cooling effect on the surrounding areas including the Bandra Kurla Complex, Sion Bandra, Khar and Santacruz.  According to Knight Frank chairman,Pranay Vakil, the mere announcement of Dharavi redevelopment itself would have a salutary effect on the sobering of prices. "You would see the impact on prices in 7-8 days. Even in Bandra Kurla Complex (BKC), where prices go up to as high as Rs 30,000 per sq ft the prices could slump to Rs 7,000 per sq ft