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.
Societies should run a thorough background check on the developer before going ahead with the contract however, this fear should not refrain them from undergoing redevelopment. All the members of the Society must read the fine prints of the Development Agreement containing the vital terms and offer their thoughtful and solicitous comments and observations before getting the draft Development Agreement approved in the General Meeting as here is a question of handing over of their hard earned shelters to the Developer.T hough all properties can be redeveloped, the incentive limit against the floor space index (FSI) varies across cities and locations. For instance, the FSI offered in the Bandra area in Mumbai is 1.33. In other words, on redevelopment, against a 1,000-sq. ft. flat, the occupant would get a 1,330-sq. ft. flat.
Not a new phenomenon in the fast growing city of Mumbai, redevelopment is a way for new age builders to change the way people look at homes! When you look at the vast changing effects younger builders have been adding or for that matter, new features, many redeveloped homes attract their previously owned families as well as the new families looking to buy their dream home.
The redevelopment procedure transpires in contrast to a setting of the city’s fast-growing populace and the increasing demand for space amidst restricted availability of land that could be developed. Mumbai has many land reserved zones with a fairly large stock of derelict, hazardous buildings with none of the comforts and amenities that contemporary home buyers and office space dwellers expect for the mind-boggling fiscal outlay required to secure space in Mumbai. In the financial capital, revamping of such homes is the only rational solution to address the up-scaling issue of urban disfigurement, and for improving the complete outlining and feasibility of the city.
The benefits of redevelopment are numerous. Apart from the south Mumbai constituency, areas such as the Dadar-Chembur belt, Mulund, Khar, Bandra and Santacruz are seeing considerable redevelopment activities. Thus, redevelopment is definitely a step forward in this industrialization age we face. However, one of the con of redevelopment is that the city loses their heritage structures from time to time while undergoing a facelift.