The pace of redevelopment of old buildings and housing societies is picking up in Mumbai with more real estate developers entering the segment since it gives them access to space for their own projects in a city where land is a challenge.
Chandak Realtors Pvt Ltd, a real estate group with over three decades in the business, has signed an agreement to redevelop a housing society with a land area of 3.6 acre in Mumbai’s Andheri suburb for a value of ₹161 crore.
There are 340 members in the housing society and the completion time is four years, according to the documents accessed from data analytics firm indextap.com.
According to the document, the buildings in the housing society are old and dilapidated and since the society members or the house owners were unable to redevelop it on their own, they had to appoint a developer for it.
The homeowners will be paid a compensation allowance during the period of redevelopment, at fixed rates.
Many redevelopment projects have been stuck in Mumbai as the developers who won the bids, ran out of resources and money.
Recently the Maharashtra government offered to take up projects that have been stuck for a long time with the help of agencies including BMC, MMRDA, and Mhada.