Residents want to take advantage of the current high property prices
Housing societies feel this is the right time to redevelop their properties and encash on it. More than 15 housing society redevelopment proposals in Mumbai and suburbs have come up in the past three weeks. This is mainly because residents want to take advantage of the current high property prices. Currently, they are in a dominating position in which they can dictate terms to builders.
In Mulund (E), the Jal Pushpa Milan Society, comprising 10 buildings and 169 flats, invited sealed tenders from builders to redevelop their entire 6,323 sq m (1.5 acre) property. In Jogeshwari (W), the Canara Bank Employees’ housing society called for bids for its two buildings__Prashant and Nishant__located on a half-an-acre plot. Also, several societies in Bandra and Khar are opting to sell their entire buildings (including the flats) and move out lock, stock and barrel. Depending on the location, each flat owner could get a couple of crores to move out permanently.
Sources said in the past, many redevelopment deals fell through because either residents became too greedy and demanded more from the developers or the builders backtracked during the slow down.
Bandra mumbai, Bandra-Khar residents, Mumbai, Mumbai Properties, Navi Mumbai, Redeveloping properties
