Mumbai: “The Government needs to reduce stamp duty on housing from five percent to three percent to make it more affordable for buyers, while also enabling the positive growth of the Real Estate sector which is at the heart of the GDP and the +driver+ for as many as 265 industries,” according to Boman Irani, CMD, Rustomjee Group.  

“Redevelopment is the order of the day in Mumbai with focus on green landscaping and its slums being replaced by more affordable homes. With technology costs supposed to come down, it’s time for registration costs to reduce and the emphasis being on building new homes since they are more energy efficient than old buildings,” he said, adding “There should be no +head-butting+ between tenants and new buyers in redevelopment projects.” 

“Our endeavour is to continually redefine Mumbai on the lines of London and other countries,” Irani said while highlighting plans here recently for more “rejuvenating and invigorating” redevelopments in the prominent BKC Annexe section of Bandra suburb in North-west Mumbai  adjoining the picturesque Sealink and Metro.   

“We tried to follow the Shanghai model of Real Estate development, but we have now come of age where we can contribute to the Government’s thinking process,” he said, adding “We are leaning towards the London/UK model and also the East where the landscaping is more upmarket.” 

Noting receipt of the “Occupancy Certificate” for the company’s gated community Rustomjee Seasons’ sixth last tower, Irani described this project as “one of the fasted-constructed” with the “fastest slab cast in barely seven days”  that had been applauded by stakeholders across the spectrum. 

Mooting Rustomjee Seasons’ philosophy of “building healthy communities” through gathering like-minded people amidst unique spaces with state-of-the-art amenities for flourishing interactions and relationships, Irani noted that the project won – in 2022 – the award for “Best Redevelopment Project of the Year” and also “No 1 Selling Project” by value in the neighbourhood by CRE matrix for annual second quarter. 

Pointing out that the CRZ needed to be eased in view of the city’s panoramic coastline that highlighted its environmental factors, he said “Mumbai should enjoy the benefits of its coastline and we are poised to take advantage of this.” 

Regarding +stalled+ projects, Irani said “We plan to take over such projects including the CROWN (which has three incomplete buildings.)”