"More than 15 housing society redevelopment proposals, mainly in the suburbs, have come up in the past 3 weeks, and the sudden flurry, said a market source , is because residents want to take advantage of the current high property prices.
" They do not want to miss the boat once again like they did before the crash in 2008. Housing societies feel this is the right time to redevelop their properties. Certainly, they are in a position in which they can dictate terms to the builders," said a source, who tracks redevelopment propasals in the city."
The article mentions societies in Mulund(E), Jogeshwari(W), Kurla(E),Malad(W),Andheri(W),Ghatkopar(E),Borivali(W), Santa Cruz(W), Khar and Bandra who have recently invited proposals and our very own Doulat Baugh has been mentioned!!
The term 'redevelopment race' has been rightly used and I ,for one, hope that our society wins this race.... with the best terms and returns as the prize.
There is a word of caution,too, since in the past, many deals fell through due to overly greedy and demanding residents or the builders backtracking. In some cases ,there was the hurdle of title disputes. This led to disappointment for the mainly middle class residents of the societies .... the substantial gains to be had from the projects was just an illusion.
I further quote some relevant advice for society residents given in the article:
- Don't get overtly greedy.
- Stick to only prominent developers with good track records - Many unknown builders have offered astronomical prices to housing societies but then backed out.
- The managing commitee of a housing society should take all members into confidence while going in for redevelopment.
- Appoint a lawyer to go through the fine print."