No bailout is coming; Mumbai real estate industry should now lobby for the right bureaucrats

Interest rate cut or rise in FSI makes good headlines but the revival of real estate will no longer depend on announcements but on a set of execution specialists.

No single individual has redefined the real estate landscape in Mumbai more than T. Chandrashekhar. His tenure as the boss of Thane Municipal Corporation set the foundation for that belt to become an economic and residential hub. That performance would however get overshadowed by his next grand execution – the construction of the new business district, Bandra Kurla Complex. It changed the economic geography in such a manner that the district fetches the highest realty prices in Mumbai and is a cash-cow for the administrative body that governs it – MMRDA. Rumour has it that a small developer who is now a mid-level developer tracked his postings and initiatives closely and planned projects in the same vicinity counting on the fact that the area would be subsequently transformed.

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