Redevelopment An Essential Step Towards Development

For Representative purpose

By Rohan Agarwal, MD, Geopreneur Group

With the increasing demand in housing segment, rise of high rises and shortage of space in a clustered city like Mumbai, redevelopment is one of the most essential steps towards restructuring the city and accommodating more residents. It is also necessary as every building has its own inbuilt shelf-life, after which the building becomes unsafe to live in. Such buildings are often difficult to maintain and are unattractive to the market.

In most of the redevelopment projects, one word is always missing i.e. “Cooperation” by all members of the Society. The slow decision-making process of the societies; stall redevelopment for years in some case, however, successful completion of projects in the market acts as a motivator for the residents too. However, their opposition must be acknowledged if it is judiciously established that their disagreement to the issue of redevelopment is due to non-transparency, criminal conspiracy, underhand dealings or undesired favouritism to the Developer by the Members of their Managing Committee, fraud or misrepresentation or due to some statutory prohibitions. However, in spite of several redevelopment projects, societies still aren’t very receptive towards the concept.

One of the main reasons for this is the possibility of getting a home that is not equivalent to the standards of the previous one or worse, the fear of losing their only home in case if the developer turns out to be inefficient in completing the project due to various factors. There are various reasons due to which the redevelopment of old buildings has become a common cause of serious concern for the thousands of Housing Societies across Mumbai. It is the calamitous need of the hour that those Societies standing on the threshold of redevelopment and want to ensure the successful completion of redevelopment task without any imperil; get genuine advice and educate themselves by the redevelopment experts and counsellors having both, the experience and expertise.

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