Redevelopment Offers in Posh Mumbai: A Tempting Deal for Locals
In posh Mumbai, redevelopment offers locals can’t refuse In Mumbai, the conversation among middle and upper-middle-class residents living in old buildings in prime areas is buzzing with excitement and anticipation. Redevelopment projects are underway, and builders are presenting lucrative offers to entice society members into agreeing to redevelopment deals. These offers include a range of incentives such as transit rents, compensation charges, additional square feet area, multi-crore corpus funds, and an array of luxury facilities.
Breath-taking Incentives for Old Building Residents
One such example of a redevelopment project is taking place at Miami Apartments in Breach Candy, south Mumbai. The 13-storey housing society, built in the 1970s, has recently signed a deal for redevelopment with Rustomjee. The current building will be demolished and replaced by a 40-storey luxury tower. Each family currently occupying a 2,000 sq ft apartment will receive a brand-new flat with approximately 17% more area. Additionally, every society member will receive a corpus fund ranging from Rs 30 lakh to Rs 40 lakh. Once the families are relocated to the new tower, the developer will have the opportunity to construct nine extra floors for the free sale component, potentially commanding property rates over Rs 1 lakh per sq ft in the area.
Expanding Possibilities for Flat Owners
In another area, Sea Breeze society in Bandra West near Mount Mary has signed a redevelopment deal with Sunteck Realty. Under this agreement, flat owners will receive 50% more space in the new building. Sea Breeze currently has 16 members with flats ranging between 1,500 and 2,000 sq ft carpet area. The corpus funds for each member are estimated to be between Rs 45 lakh and Rs 60 lakh based on a calculation of Rs 3,000 per sq ft of their existing carpet area. The new Sea Breeze building is expected to have 16 floors and approximately 38 flats, providing enhanced living spaces for its members.
Pali Hill’s Transformation and Promising Redevelopment Projects
Pali Hill, once known for its bungalows, is witnessing a transformation with the emergence of high-rise buildings. Daffodils Society, a 40-year-old building with seven floors and 42 flats, is undergoing redevelopment by Prestige Estates. The old flats, ranging from 886 sq ft to 1,500 sq ft, will be replaced by apartments with 36% more space. The developer will provide a corpus fund of Rs 8,000 per sq ft to each flat owner, resulting in a total corpus of over Rs 21 crore. The redeveloped building will also feature new facilities including a swimming pool, health club, party hall, and furnished bedrooms. At the base of Pali Hill, Virgo CHS has attracted the attention of the Wadhwa Group. After winning the bid, the group plans to redevelop the property by converting the current five-storey buildings into 15-storey towers, providing the 24 flat owners with 60% more space. Additionally, each flat owner will receive a corpus of about Rs 80 lakh. The Wadhwas have also secured the redevelopment rights for Arteck Society in Bandra East, where 54 flat owners will move into three luxury towers, and each family will receive Rs 50 lakh as a corpus fund.
The Promise of Redevelopment in Malabar Hill
In Malabar Hill, one of the most prime locations in Mumbai resides Palmera Housing Society. The 1.5-acre property with 47 members is in discussions with K Raheja Corp for redevelopment. As talks progress, the society members anticipate a redevelopment plan that will enhance their living spaces and bring new amenities to their doorstep.
Driving Factors Behind Mumbai’s Redevelopment Boom
Experts believe that the relaxation of Coastal Regulation Zone norms (CRZ norms) and the increase in floor space index have ignited a wave of redevelopment possibilities in prime areas of Mumbai. These developments are set to transform Mumbai’s skyline and offer residents a chance to upgrade their lifestyle. As redevelopment projects continue to sprout across Mumbai, it is evident that the value proposition for locals is stronger than ever before. The allure of larger, modern living spaces, generous corpus funds, and luxury facilities present an irresistible opportunity for residents of these old buildings to embrace this wave of transformation sweeping across Mumbai’s prime areas.Â
