The total plot area of the building is close to 2,600 sq mt and when redeveloped, the building would have an area of close to 90,000 sq ft
Self-redevelopment is not only being sought as an option by big societies, but even smaller ones are now getting into it. A society comprising of two buildings and 34 flats in Santacruz West has decided to go ahead with self redevelopment.
The society comprising mostly of senior citizens had first opted for a developer who later failed to even start with the project for almost a year and a half. The building being 61-years old, the society then decided that it shall go for self redevelopment.
Suraj Mala are two buildings, while one is ground plus two storeys, the other is ground plus four storeys and has a total of 34 residents.
Nikhil Mogre, the secretary of the society said, "Almost a year and a half ago we had got a developer for the redevelopment of the building. But nothing moved in the right direction.
In April this year, we decided to not continue with the developer and last week we had a meeting with New Consolidated Construction Company Ltd (NCCCL's) Hiten Shah and team. We have decided to hold a meeting on August 11 and go ahead with self-redevelopment once it is passed."
The company is also a part of the consortium that had bid the highest for Dharavi redevelopment.
The total plot area of the building is close to 2,600 sq mt and when redeveloped, the building would have an area of close to 90,000 sq ft. While a little less than half of this total area will go to the existing residents, the remaining area will be for sale.
By selling, the society would earn above Rs 200 crore while the total expense for the construction of the building, marketing of the sale component, money for the permission, architect, rentals would come to a close to Rs 188 crore.
The society will earn a profit of close to Rs 15-16 crore apart from getting 50 percent extra area for their existing homes.
Hiten Shah of NCCCL said, "Many societies have approached us in the last few days, one of them is Suraj Mala. Most residents of this building are senior citizens and they will be given full assistance in self-redevelopment. We recently held a meeting with the members and decided to help them with self redevelopment."
Real estate as such isn't going through a very good phase. Many developers are unable to complete the projects and hence many redevelopment projects are stuck in the pipeline. Considering this, a lot of societies are now slowly moving towards self redevelopment.
Earlier, several members of one of Mumbai's oldest and biggest housing societies 'Navjivan', located at Mumbai Central, were planning to go for self-redevelopment. For this, they were in talks with NCCCL. Here too, while the total project cost estimated by NCCCL for redevelopment would come close to Rs 3440.8 crore, the receivables from the sale are expected to be Rs 3817.6 crore.
GREATER VALUE
- The total plot area of the building is close to 2,600 sq mt and when redeveloped, the building would have an area of close to 90,000 sq ft
- By selling the surplus plot, the society would earn above Rs 200 crore while the total expense for the construction of the building would come to a close to Rs 188 crore
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