What is Redevelopment?

All new buildings have a limited lifespan. Your building in Mumbai or any other city in Maharashtra might have weathered decades of harsh tropical climate with a brave fascia. However, years of facing hot, humid weather along with heavy rainfall would have surely taken a toll on your cocooning structure. If this is the case, then you seriously need to think about redevelopment of your building. 

If your building in Mumbai is over 30 years old and a mandatory structural audit reveals that no amount of cosmetic repair can help strengthen the weak core structure, then it may be wise to opt to redevelop your building. In redevelopment, your existing building will be completely demolished and reconstructed again at the same place, but with a lot of upgrades. The best part is that all this is free of cost to all flat owners of the building. 

Redeveloping a residential building after it has been demolished usually takes around 2 to 3 years depending on various factors. An experienced builder with established credentials can certainly reduce any stress related to the entire redevelopment process. All development and redevelopment projects have to be registered with RERA in case there are additional flats to be sold after redevelopment. If your Housing Society falls under the promoter category in RERA then society members can certainly expect timely completion of their redeveloped property. 

Once redeveloped, existing flat owners can move back into a brand new building with larger flats, increased amenities, more floors, improved car parking, and many more contemporary features. 

With dwindling real estate space in most cities, redevelopment of an old building is certainly a viable and a win-win option. You and your fellow society members will get a strong and durable new home that will shelter you for many more decades to come.