Buoyed by the recent grant of an additional 0.33 FSI and a favourable atmosphere for rolling outredevelopment projects, developers are pulling out all stops to woo old housing societies. There is an acute shortage of open land in the western suburbs and redevelopment of existing structures is the only way forward for inclusive growth.
“There are fundamentally two ways any great city undergoes a metamorphosis — either by converting its industrial areas into commercial and residential zones, or by rebuilding its old residential areas into modern living spaces,” said Boman Irani, CMD, Rustomjee Group. He said redevelopment has huge potential in the suburbs where thousands of buildings are in a state of disrepair.
“Crumbling, congested buildings can make way for modern buildings, and yet leave enough space for planned development for better roads, gardens and open spaces,” said Sunny Bijlani, director, Supreme Universal. “The need of the hour is for the government to take proactive steps to facilitate the systematic implementation of a master plan.”
“Redevelopment offers an immense value addition to the living standards of its members by way of a brand new apartment equipped with the best of amenities and facilities at no extra cost,” said a spokesperson of Kalpataru Group. Emotionally too, it offers an opportunity to people to return to the place where they always lived.
Developers, however, warn societies to take a calculated decision when it comes to choosing their developer. “Members should consider factors like the reputation of the builder, his past projects and his financial soundness before signing the deal,” said Ashok Mehra, managing director of Shikara Constructions.
Comments