Metro Expansion Spurs Developer Interest in Taller Projects under Mumbai’s TOD Policy

With Mumbai’s metro network steadily widening its reach, major real estate developers are reportedly showing growing interest in leveraging the city’s revised Transit Oriented Development (TOD) framework, which permits taller structures near metro stations. Reports cite the Mumbai Metro Rail Corporation Limited (MMRCL), which operates the underground Aqua Line (Metro 3), has received around 31 proposals from 13 developers over the past 18 months. These queries concern projects seeking to benefit from enhanced Floor Space Index (FSI) provisions introduced under the amended policy.

It was revealed that well-known firms such as K Raheja Corp, Prestige Group, Suraj Estate Developers, and Valor Estate (formerly D B Realty) are among those exploring the new opportunities. The state’s Urban Development Department had revised the Development Plan in mid-2024 to integrate TOD along the underground Aqua Line connecting Cuffe Parade in South Mumbai with Aarey, near Sanjay Gandhi National Park. The updated policy allows a maximum FSI of five within a 500-metre radius of ten key metro stations, alongside 35% fungible FSI for rehabilitation schemes. Projects developed under this framework can also incorporate direct subway access to nearby metro stations.

In Mumbai, the FSI — representing the ratio of a building’s floor area to its plot size — is generally capped at four, varying with road width and locality. The fungible component refers to extra, chargeable construction area permissible in redevelopment cases. The ten stations identified for the increased FSI benefits include CSMIA T2, Sahar Road, Shitaladevi Metro, Dadar, Siddhivinayak, Worli, Acharya Atre Chowk, Science Centre, Mahalaxmi, and Jagannath Shankar Seth.

Data shared by MMRCL shows the highest developer interest near the Dadar, Worli, and Science Centre metro stations, each drawing five proposals. Three proposals each were linked to Shitaladevi, Siddhivinayak, and Acharya Atre Chowk, while Sahar Road, Mahalaxmi, and Jagannath Shankar Seth stations each recorded two. Only one query was submitted for the CSMIA T2 metro vicinity. Officials clarified that these are preliminary expressions of intent, as no formal applications have been filed yet. Once official submissions are made, memoranda of understanding (MoUs) will be executed between MMRCL and the developers. R. Ramana, Director of Planning and Non-Fare Box Revenue at MMRCL, confirmed that only provisional approvals had been issued based on project locations.

In August 2024, K Raheja Corp received confirmation that its redevelopment of the Famous Studio near the Science Centre station qualified under the TOD scheme. Valor Estate and Prestige Group also received similar eligibility confirmations for projects along Dr. Elijah Moses Road. Industry leaders have welcomed the move. Sukhraj Nahar, President of CREDAI-MCHI, remarked that the revised policy offers mutual benefits for developers and existing property owners. He noted that many residents undergoing rehabilitation would receive significantly larger living spaces — in some cases up to double their original carpet area — while developers could expect higher profit margins.

Despite earlier metro expansions led by the Mumbai Metropolitan Region Development Authority (MMRDA) and Mumbai Metro One Private Limited (MMOPL), these operators have yet to receive similar authorisation to allow high-rise construction around their stations. As a result, the MMRCL’s Aqua Line currently stands as the primary corridor where TOD-based vertical development has been formally enabled.

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