Self-Redevelopment: A Blessing For Old Buildings in Mumbai

According to a survey, there are about 107,000 buildings in Mumbai that are in a dilapidated state and need immediate rebuilding. If this bit of information does not impact you then how about this: The Fire department gets one call each day reporting structural damage in a life-threatening state. I don’t intend to scare you with numbers but, whether we like it or not, redevelopment of our homes and societies must be considered as an option and it is not as bad as it might seem. Here are a few reasons why you must go for it.

1. Self-Redevelopment has led to an increase in transparency

Keeping the purchasers in view, the Real Estate (Regulation and Development) Act (RERA) of 2016 has brought about a revolution in the real estate industry.3 The RERA Act has built a foundation of trust between societies and developers to make the self-redevelopment process possible.

Taking advantage of this regulation, landowners (you) or societies can hire a self-redevelopment company, which is commonly known as a PMC or Project Manage Consultancy and kickstart their redevelopment process; without having to hire a builder as their project partner, which was the case earlier. The PMCs handle all the technical and the regulatory aspects of your construction project by regularly involving the concerned society and taking their approvals at each stage of the construction project. Your PMC stands by you and guides you throughout the entire procedure of self-redevelopment.

2. Redeveloped Buildings are Safer for your family

As your building grows old the repair and maintenance work that needs to be done increases. As Indians, we are highly price and value-conscious. Thus, the “Jugaad” concept is very popular among us. In most cases, Jugaad might provide you with the desired cost-effective results but in this case, is it worth the risk? I say risk because your house is not just a combination of bricks and cement. It is a place where you live. A place where your parents and children live. It becomes an issue of safety. Safety of your building means the safety of your family. Would you be willing to compromise on that by doing repair and maintenance work that offer short term solutions for your problems (5 years maximum)?

If you choose to opt for maintenance and repair solutions there are several hurdles that you would have to overcome to complete the work; hurdles like investing the time, complying with regulations, coordinating with society members, etc.5 Self-Redevelopment solves this problem by eliminating all your risks and headaches providing you with a safe and a long term solution.

3. Redevelopment improves your Standard of Living and guarantees higher returns

You own your house. You own the land on which it stands. Then don’t you think you and your family are entitled to all the potential benefits that it yields? Redevelopment provides you with these benefits along with an improved standard of living. Here is the simple logic behind it. The process of redevelopment involves careful planning of available space. Thus, redeveloped properties have better facilities like increased floor area, parking spaces, gardens, gym, children play areas etc. which gives your loved ones the safe & sensible living that you have always dreamed of. Besides providing comforts, these facilities indirectly lead to the growth and development of happier and healthier families and societies. In most cases, redevelopment provides the owners with more space (FSI) than they previously acquired.

From an investment point of view, self-redevelopment in Mumbai can be a profitable deal because of the soaring real estate prices in the city.

Lastly, redevelopment is a very lengthy process. It involves many uncomfortable temporary adjustments that families have to make and the process could become exponentially worse if you do not have the right parties involved. But you have nothing to worry because we have solutions for all your problems- small and big. To know more about the best self-redevelopment company in Mumbai, Contact Us.