Mumbai is all set for a big revamp as the Maharashtra government on Wednesday unveiled the Development Plan (DP) 2034. The Mumbai Development Plan 2034 has increased the FSI (Floor Space Index) which will provide the island city with more land for building residential and commercial projects. The enhancement of FSI, which is a measure that explains in what range the construction is permissible on a given land, will increase construction rights for many special projects in the business, hospitality\/hotel and redevelopment sectors. Raised FSI will give a boost to developers as now they will be able to build more. In 2017, the World Economic Forum, citing a UN-Habitat report, had ranked Mumbai - home to nearly 2 crore people - as the world\u2019s second most crowded city after Dhaka. Surendra Hiranandani, CMD, House of Hiranandani speaking to Financial Express Online said "the new DP gives an impetus to affordable housing without compromising on the environmental aspect. It will boost construction activity in the city owing to FSI revisions. This will lead to a better supply of homes in Mumbai. The Government is carrying out large infrastructure development. This is being done for the city for the first time since independence." As Mumbai is already overcrowded with less space for living, the Mumbai DP 2034 will provide larger space for building homes. Hiranandani further added that "a large number of metro lines are being built to make private car transport redundant. This coupled with the new rules will give a fillip to make Mumbai a world-class city." Surendra Hiranandani, also added that "if the approval system for building plans could be simplified the new DP and DCR would be effective in bringing about a real change. India stands at a low rank of 181 out of 189 countries in ease of getting construction permits as per the World Bank," he said. Here are the top 5 key takeaways from the Mumbai DP 2034: 1. In the new Mumbai DP 2034, the FSI for commercial properties has been raised up to 5 and for residential projects, it has been increased up to 3. Earlier it was 1.33 across commercial and residential projects. For suburbs, new FSI will be up to 2.5 for residential projects, which was earlier at 2 and 5 for commercial properties. 2. Over the next 16 years, the new plan for the island city's land use will witness major development through the revised and enhanced FSI (Floor Space Index) for residential properties as Mumbai already lacks in residential spaces. 3. Another major takeaway from the new Mumbai DP 2034 is that it aims to create 8 million jobs and provide 1 million affordable houses in the island city. This will act as a boon for middle to lower- middle-class groups. 4. The new plan (Mumbai DP 2034) proposes to unlock 3,734 hectares of public and privately owned lands \u2014 which are at present tagged as no development zones (NDZ). This will provide a boost for low-cost\/affordable housing and also raise social amenities. 5. For better living, social amenities become necessary. With the new plan, the island city expects to create parks, theatres, playgrounds, theme gardens and museums. The new DP 2034 also mentions sectors which are at times neglected and deprived, it will provide old age homes and shelters for the homeless too.