Looking Back Last 10 Years & Looking Forward to the Next 20

Inputs As Provided By Mr. Anand Gandhi, Director, Sugee Group 
New Delhi, Jan 02, 2015: We strongly believe that this decade indeed can be called – Mumbai’s Decade of Development. Going forward however, Mumbai will have to overcome enormous challenges in the areas of infrastructure development, urban sustainability, national infrastructure, and human capital and population.

Mumbai needs a revolution in urban sustainability & redevelopment in city of Mumbai is the prime most requisite and the need of hour and it is essential to set it on the speedy mandate. The proposed thesis to remake Mumbai into a “world-class” city and an international financial centre inspired by Shanghai’s comprehensive urban renewal during the 1990s is still a far-fetched dream.

There are 20,000 societies which need redevelopment as of now. There are 17,000 cessed buildings which need redevelopment, including cluster-development. Then there are thousands of MHADA tenements which are waiting for redevelopment. Long -term policies are not happening .The government has to definitely do something for developers to take the initiative.

Redevelopment enables access to land in prime markets without huge upfront investment. According to industry estimates, the Mumbai Metropolitan Region, which also includes satellite towns such as Thane, needs between 400,000 and 450,000 more residential units. Industry executives say this shortage can be partly met if the estimated 19,000 dilapidated buildings in southern and central Mumbai and 5,000 buildings in the suburbs are rebuilt with additional flats.

Although redevelopment looks very rosy from the outside but the pitfalls are many. Despite the apt support by the state government and influential corporate, Mumbai’s project of growth-oriented strategic planning, infrastructure building, and urban renewal, governance and policy reforms is yet to discern progress. The ethnographic study of urban restructuring reveals the reason why Mumbai’s transformation efforts have remained stymied.

Redevelopment could definitely leverage quality housing structure and could be a ‘win-win’ situation for both the parties. Despite the problems, the redevelopment market is growing and attracting more players. It is also generating interest among private-equity firms.

In order to commence redevelopment project, one of the important features, highlight that redevelopment scheme has to be approved by the general body only if three-fourths of the society members are present at the meeting. The subject of redevelopment has assumed great significance because in Mumbai, majority of the buildings owned by the Co-Operative Housing Societies are quite old and in a dilapidated state.

Redevelopment of buildings in Mumbai has witnessed a number of challenges, according to statistics state that around 1 Lakh residents dwell in around 900 old dilapidated buildings in Mumbai. According to a market survey reports around 16000 MHADA buildings are in decrepit condition since 1999.

While one cannot deny the fact that for a city like Mumbai which is going through a drastic infrastructure transition it is significant to go in for redevelopment. Certain points that buyers can put in their mind for a Perfect Redeveloper include: Corpus amount, Shifting charges, Carpet area offered to every tenant, implementation of expertise by the developer, FSI, Penalties, Alternative accommodation. It is quite evident that selecting a dependable and trustworthy builder who is familiar with and knowledgeable about the processes involved is fundamental to ensuring successful redevelopment. In a redevelopment project, prevention is most definitely better than the cure. A failed redevelopment can be avoided by adhering to a proper process while selecting a developer partner with. Once the developer is finalised, it is important to incorporate all of the standard 27 clauses that safeguard the society and its members into the development agreement.

Redevelopment definitely means change, and this change is good for you as it is aimed to offer better habitat, better living and good infrastructure facilities.CCI Newswire