Building Redevelopment: Facts to Be Kept In Mind by Housing Societies

Over the past few years, redevelopment of dilapidated and old properties has become a matter of great interest. It’s mainly for some reasons. Firstly, it is witnessing a huge influx of migrants from different parts of India. However, the lack of sufficient land is becoming a big problem. To meet the increasing demand for luxurious residential units in a space crunched city, redevelopment projects in Mumbai can be the only solution. Secondly with the price of the real estate property rising high many of the old residents tend to sell them out at a higher value/ high profit. As a result, they started to hand over their property to Redevelopment Builders in Mumbai. 

Redevelopment of Residential Properties: 

The redevelopment of housing society, mostly co-operative housing societies has become a trend. Most of the housing societies in Mumbai are on the verge of tumbling down or are at least more than 40 years old. Some housing societies have exceeded their lifespan. Hence, these aging societies in Mumbai along with its suburbs need immediate attention. Considering the occupant's safety of old buildings the only way out seems to be redevelopment.

Understanding Housing Redevelopment: 

Well, Redevelopment of Buildings in Mumbai means demolishing the old structure and constructing a new building in its place with all the necessary modern amenities. A reputed redevelopment builder carries out the job of old building reconstruction. The builders come up with tall towers with all modern amenities under one roof. 

The Perks of Housing Redevelopment are: 

• Redevelopment projects are sustainable in the long run. 

• The market value of a redeveloped property is very high.

• The resale value of the property increases. 

• Redevelopment ensures a cleaner living space. 

Aging housing societies can take the help of any Redevelopment Builders in Mumbai allowing them to rebuild the modern structure in its place or simply revamp them. 

Things to Keep In Mind:

One thing that a housing society should keep in mind before going for redevelopment is that once they sign the contract, it can’t be reversed in the court of law. Hence, the decision for the Redevelopment of Housing Society should be taken with caution. 

However, the agreement between the builder and the housing society should be done with the help of a lawyer. A lawyer should ensure that all terms and conditions are properly mentioned in the agreement. 

Housing societies who are doubtful of these Redevelopment Projects in Mumbai can rest assured that any work will kick off only after the necessary inspection and approval of the MHADA. Submitting a proposal for the redevelopment of buildings in Mumbai to the municipal corporation is a must for Redevelopment Builders. They also need to obtain NOCs from the fire department and environment authorities. The builder gets a Commencement Certificate for the redevelopment project after completing all these processes. 

Housing societies should go for redevelopment projects after keeping all these factors in mind.