Pursuits
Mumbai’s Shanghai Dreams Broken as Rule Flip-Flop Hurts Builders
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Mumbai’s long-cherished dream of becoming another Shanghai risks remaining just that as regulatory flip-flops frustrate plans for modern skyscrapers in place of the city’s many rickety-old structures.
Two months after announcing a proposal to ease the city’s 24-year-old Floor Space Index rules to accommodate taller buildings, the local administration scrapped the plan, leaving developers in a limbo. DB Realty Ltd. said it may take at least two more years for a new set of rules to be prepared, while Mumbai-based Godrej Properties Ltd. said some of its projects face delays.