‘We stick to our basics when it comes to redevelopment’

Realty Plus speaks to Anand Gandhi, Co-Founder & Director at Sugee Group, gauging his opinion on the benefits of redevelopment. He firmly states that when it comes to redeveloping a property one should stick to the basics. What are the advantages of redevelop

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Published - Feb 15, 2019 5:45 AM

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Realty Plus speaks to Anand Gandhi, Co-Founder & Director at Sugee Group, gauging his opinion on the benefits of redevelopment. He firmly states that when it comes to redeveloping a property one should stick to the basics. What are the advantages of redevelopment over repair? A regular repair may increase the life of the building by another 4-5 years but such an option will not be viable. Let me list down a few benefits of redevelopment.

A new building will have a life minimum of 60 years
You get an additional area at no extra cost and that means a bigger house for the family
You get modern amenities and facilities such as a fitness centre, swimming pool, banquet halls, a library, etc. where ever possible
In a few cases, people actually become the legal owner of the house as against being tenants etc.
Value of the property increases exponentially

Challenges in the redevelopment of housing complexes.

Feasibility of the plot for the builder to redevelop
Getting the consent of all the members/tenants, making sure they get their temporary rehabilitation and then bringing them back to their home – It is a serious process!
Approvals and permissions from different government agencies

Ground rules to keep in mind when it comes to redevelopment. There is no special trick to this. We have to stick to our basics. But we would say 1. Making sure all the members/tenants are comfortably rehabilitated and 2. Sticking to committed timelines. Does the revised DCR benefit redevelopment of buildings? Yes, it does benefit in a few cases. There could be higher FSI based on the prevailing road-width. Is self-redevelopment the future of Mumbai Real estate? Self-redevelopment will be the future of Mumbai real estate only in cases where all the members are able to come on a common platform. Plus, the financing required for the redevelopment will have to be borne by the society… While on books there is never a no, I personally believe that there are too many fine details that one has to go through in terms of environment clearances, safety, traffic issues, the fairness of allotment, finance management, etc.

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