Redevelopment for a Juhu Society now only a far cry
Redevelopment for a society is not always for the good. It can turn to be a troublesome experience too as some of the members of a Juhu based society discovered.
Redevelopment at a Cost
The residents of a society in Juhu by the name of Anamika cooperative housing society got into trouble in 2010 after 20 flat owners vacated the society, in order to get their flats redeveloped. An agreement to this effect was signed with Kumar Urban Development. The flats were razed to the ground so that redevelopment could take place
All the 20 families moved to different parts of Mumbai to residences offered on rent by the redeveloper. However, it has been around five years since the flats were razed and nothing concrete emerged until now. The work at the site too has been on halt since the last one year.
Dipak Painter, the Chairman of the society says that they fear that the 20 families could be in total loss in the coming days. The builder has been paying them a rental charge of Seventy Thousand per month but the same could stop in the near future, the residents fear.
The builder on his part wants to take the benefit of additional floor space index. As per the present agreement, the same is to be shared in a ratio of 40 to 60 between the flat owners and the builder.
The builder wants that this clause should be totally removed and the benefits go to the builder entirely. The builder has expressed his inability to show any leniency on this aspect as he claims that he has to pay a premium of Rs 22 crores to Mhada, the state housing corporation in Mumbai for the additional FSI.
A consulting firm was appointed by the residents to quantify the gains being made by the builder. The consulting firm, Ratan Batliboi in their observation pointed out that the builder will be making around 104 percent of profit from this deal.
Redevelopment is a common scenario among societies in Mumbai and around 5,000 redevelopment projects are hanging fire presently in the city.
Source: The Times of India
Anamika cooperative housing society, Floor Space Index, Juhu based society, societies in Mumbai
