Former BMC director Dr S Vishwanath advised a gathering to consider going for redevelopment if their building is more than 30 years old and is due for major repair work.
“If the cost of repairing your building exceeds Rs2,000 per square foot, it is a better option to go for redevelopment,” said former BMC director Dr S Vishwanath, while addressing a packed gathering at the inaugural session of DNA Property Redevelopment conference-cum-exhibition that’s underway at Chembur Gymkhana.
Spelling out the fine print on redevelopment, Vishwanath advised the 500-strong crowd who came for the event from places as far as Titwala and South Mumbai, to consider going for redevelopment if their building is more than 30 years old and is due for major repair work.
“Repairs are a choice, but its better to reconstruct. Redevelopment is an arduous task and the office bearers of the society should observe due diligence before taking any decision that will affect the lives of all the residents,” Dr Vishwanath warned.
Speaking on the occasion, Vile Parle MLA and Mumbai Housing Board member Krishna Hegde, who was the chief guest, said that developers should honestly keep their promises while executing redevelopment projects. “We have cases where builders promise something and then the project doesn’t take off, leaving the hapless residents in transit homes for years,” Hegde said, adding that even the delivery of promised living space is an area of concern. Citing the example of a 2-BHK flat in his own constituency going for a whopping Rs3.5 crore,
Hegde said that the actual carpet area of the flat was just 605 square feet, but after all the additions and loading, it was marketed as a 1,800 sq ft apartment. “We have discussed this misuse of the concept of ‘super built-up’ with the municipal commissioner and he has assured us that by the end of this year, BMC will introduce a new policy making it mandatory for all real-estate deals to be negotiated only on the basis of carpet area,” Hegde informed.
Addressing the gathering, Rajeev Pai, editor of DNA Property said redevelopment can be effective, if done properly — and residents can get more space, a better home and a better lifestyle.
“Both the sides — the residents and the developer — should work together as a team. Neither should the residents get too greedy for more space or corpus, nor should the developer shortchange the residents,” Pai said.
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