The successful implementation of the cluster development scheme and redevelopment of cessed buildings will generate at least 2.5 lakh housing units in the city.
According to Liases Foras, a real estate research firm, the redevelopment of cessed buildings will generate 1.50 lakh housing units, while the implementation of cluster redevelopment will create 26,272 housing units after rehabilitating the existing tenants. According to a conservative estimate, if the entire 16,000-odd buildings are developed in a cluster mode, the city will get 2.5 lakh housing units, said an expert.
“There is no virgin land available in the island city and redevelopment is the only option,” said Paras Gundecha, former president of Maharashtra Chamber of Housing Industry (MCHI).
Redevelopment is a process of urban renewal. The potential benefits of redevelopment in a city are many. It not only reduces urban sprawl but also improves the economic competitiveness of city’s prime precincts.
Mumbai has, for many years now, been a subject of redevelopment to catalyse urban renewal and improve the quality of real estate and infrastructure. A fast-growing population’s demand for space amidst limited availability of developable land has forced the redevelopment of old properties into brand new structures.
DNA Property Redevelopment Conference cum Exhibition
The DNA Property Redevelopment Conference cum Exhibition answered queries about redevelopment at an interactive seminar with experts from the industry, who came together to simplify redevelopment for the audience.
Redevelopment projects undertaken by Rustomjee are – Aspirée at Sion, Oriana at BKC Annex, Sangam at Santacruz and Rustomjee Pinnacle at Borivali.
Concrete perspective on redevelopment-DNA Property
“There should be no dissent among the society members. Select a reputed PMC and follow the 79 (A) process. Ensure there is transparency in the tender and selection process. The society’s expectations should be realistic. Do background check on the developer. Most reputed developers give a similar level of construction quality and amenities. Check for disrupting aspects among the members like pending court cases, etc, that may percent or delay the process.” – Krishna Jhala, Head Redevelopment, Rustomjee.
Key Snapshots of the third DNA Property Redevelopment-cum-Exhibition across two eventful days.
“Redevelopment is a process that requires co-operation. In order to get maximum value to society, developer and redevelopment in general, there is a need of great amount of trust and co-operation. Real Estate is not a science but art. There will be problems, there will also be challenges as it is a pretty complex business and to surmount those challenges and problems you require a basic element of trust. Its is very important t choose a developer who is trustworthy, and stands by the values, finally you want a home the way you visualize it and at the time you visualize it. Redevelopment is an opportunity for the members, society and Mumbai city at large”.