This, according to the state government's own estimates covers 38 per cent of land in Mumbai. The state government plans to approach the Union ministry of environment and forests seeking sanction for higher FSI. In fact, a proposal to increase the FSI for old and dilapidated buildings in CRZ II from two to 2.5 is also in the making. Estimates suggest there are roughly 2,500 dilapidated buildings and about 60 large slum pockets stretching from Versova to Cuffe Parade falling under the CRZ that are waiting to be redeveloped.

Well- known environmental activist and executive trustee of the Conservation Action Trust, Debi Goenka, pointed out that the whole exercise is a ploy by the builder lobby and the state government to construct luxury housing on prime sea facing land. " Firstly, construction on CRZ is not permissible. Even if the Central government gives permission, then as per the Swaminathan Committee recommendations, it should happen by the state government or by governmental bodies like MHADA and not by private builders," he said. Goenka added that the ministry of environment is still in the process of readying a draft proposal which would happen on March 15.

Anand Gupta, general secretary of the Builders Association of India added the projects involving slum redevelopment generally takes a long time to get implemented and chances of it having an impact on the property prices are very low.

" It is not as if the whole exercise would be completed in one year. A simple redevelopment project takes years to go through the paper work and permission process. A project of such a large magnitude and involving CRZ norms would take longer," he said.