Potential of Redevelopment

 

Benefits of redevelopment and why it is vital, towards meeting the housing demand of a city like Mumbai.

Redevelopment, which refers to the process of reconstruction of residential/ commercial premises, by demolishing an existing structure and constructing a new structure in its place, has emerged as a useful option for developers / tenants.

Redevelopment is done by utilising the F.S.I. potential of the land and by utilizing additional Transfer of Development Rights (T.D.R.), as specified under the Development Control Regulations of the Municipal Corporation of Greater Mumbai (MCGM).

For redevelopment, builder enters into development agreement with society or Landlords and entering into such development agreement does not vest any title of the land in the favour of developer, but merely authorizes the builder to develop the land.

The redevelopment of the old building is indeed a huge and arduous task but it is not at all complicated if the society members/tenants co-operate and follow the correct procedure.

Why is redevelopment required ?

Redevelopment is a continuous process of urban renewal. Cities like Mumbai have grown enormously and as a result, there is a dearth of land in the city.

The only other alternative, for accommodating the increasing demand for housing at all levels, is through vertical growth. However, this will require vastly improved transport facilities and civic infrastructure.

Redevelopment opens new avenues for development and also gives an opportunity to build apartments that cater to modern lifestyles and better standards of living.

The repair work only increases life of the building by 3 to 4 years but the problems can re-occur and members have to spend money again for repair works.

Societies, at times may not have the resources and expertise to handle the repairs on their own and the families of the members may have expanded, thereby requiring more space. In such circumstances, redevelopment gives a new building for which no major repairs required for longer period and propels the life of the building.

Redevelopment is recommended for building which older than 20-25 years.

Old buildings also have other drawbacks such as lack of security and maintenance services, absence of common facilities like gymnasium and society office, unavailability of proper open area for children in the compound, leakage problems, absence of elevators, poor interior planning of rooms and low resale value due to the poor condition of the buildings.