Old and decaying residential buildings in Delhi & Mumbai are an opportunity for the posh high rise localities, as real estate developers are looking to develop their collection of luxury homes within the posh regions with limited land of Delhi & Mumbai, more and more opt for redevelopment of high class residential developments to get land bank in these cities.
Tata Housing is one of the developers who are looking for this type of opportunities in old residential regions of West Delhi. This real estate developer is already redeveloping the Maharashtra Housing and Area Development Authority colonies.
Actually Redevelopment is a process where a builder rebuilds a complete residential colony by completing the necessary formalities from its inhabitants and concerned authorities. In return, the builder gets a portion of land which they can construct and sell.
As stated by the spokesperson of Tata Housing "even with the little disputes, redevelopment of old colonies is the only way to make presence within the metro cities with limited land. Tata Housing is on the lookout for this type of opportunities in New Delhi."
Netaji Nagar, Kasturba Nagar and Thyagraj Nagar are three government colonies in South Delhi, got the urban development ministry’s approval in the previous year to be redeveloped. These two storeyed towers will be redeveloped into 12 storeyed towers by a public sector firm NBCC (The National Building Constrciton Co. Ltd.).
Even it is a win win opportunity for the inhabitants and builders as well, but redevelopment comes with some unexpected problems. Often dissimilarity in the middle of residents over compensation, long delays in getting approvals; as well, the procedure of relocating current inhabitants to another location and rehabilitate them again is tiresome. There are so many processes which are mandatory to be obeyed, multiple shareholders with different opinions. But Delhi & Mumbain contains lots of options for redevelopment.