Redevelopment projects: 8 common mistakes housing societies make when embarking on redevelopment, how to avoid it
developer of dubious reputation, the former residents are regretting their decision. Mismanagement by the developer has brought the entire project to a standstill. Danish Patel, a 58-year-old resident, laments, “The developer went out of his way to pitch for our society’s redevelopment when others were showing limited interest. However, he abandoned the project midway when it became unviable for him due to his own mismanagement.”
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On paper, redevelopment promises a big opportunity for members of a housing society. Alas, it often becomes a noose around their necks. Many redevelopment projects today are paralysed, with developers known to abandoning ongoing projects or delaying work indefinitely due to lack of funds or unviability. Society members are left at the mercy of the developer, without a home for years and forced to rent alternative accommodations. In this story, we dissect the typical mistakes housing societies make when embarking on redevelopment.
Alluring proposition
Redevelopment is currently a hotbed of activity in India’s major residential markets. Both older residential societies and standalone plot owners are increasingly opting for redevelopment. Anuj Puri, Chairman, ANAROCK Group, says, “Redevelopment, particularly in urban areas, where space is scarce, is a very active trend as it enhances the quality of life, optimises land use efficiency, and
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