Why Redevelopment?
Sreedhar Sharma tells us why redevelopment is imperative in Mumbai
- Growing Population
- Influx of migratory population from other places to Mumbai
- Areas becoming over crowded
- Acute shortage of space
- Demand for residential and commercial units ever increasing
- Demand of accommodation is more than supply
- Better facilities, privileges and amenities provided by developers
- Need to live in same location preferred by people
- Buildings are 30 / 40 years old
- Cost of repairs is prohibitive
- Cost of new flats is very high. Hence people would buy additional space in the existing place which is being redeveloped.
- Society gets new face lift
- Property prices of flats go up after redevelopment
- Builders offer good corpus amount to society
- New construction enriches living standards
- Redevelopment is the only way to meet the shortage of dwelling units
