India, May 8 -- Over 25,000 buildings across the Mumbai Metropolitan Region (MMR) are eligible for redevelopment, with the total estimated project value exceeding Rs.30,000 crore, according to a statement issued by real estate developers' apex body CREDAI-MCHI on May 8.

The organisation emphasized that unlocking Mumbai's full redevelopment potential requires directly addressing viability issues. "Approval costs in Mumbai stand at Rs.55,200 per square metre, significantly higher than Rs.1,800 in Pune and Rs.5,500 in Delhi. This highlights the disproportionately high development charges in the city," CREDAI-MCHI stated.

The apex body was reacting to Bombay High Court's ruling that clarified that GST is not applicable where homeowners appo...