Track2Realty Exclusive: With most of the urban centres across the country having depleted buildings in prime localities, redevelopment is the only way forward. However, policy hurdles added with resistance by some vested interests causing developers’ reluctance comes in the way of an urban makeover. Track2Realty noted that the collective consciousness of the policy makers, developers and majority of residents is increasingly shaping up for redevelopment and that spells a new business opportunity for realtors across the country.
Prakash Mehta, a resident of Pali Hill grew up in the city that never sleeps- Mumbai, and Khar-Bandra region has been something that kept his vision of metro living coloured till recently. After all, having grown up in a place known for fun and frolic and one of the most expensive locations in the suburbs of Mumbai, his world view has been limited to restaurants, night clubs, bars etc. dotted at every street in the region.
Old creepy building was something that was acceptable to him keeping in mind that Mumbai has been an island city with no room for further development, due to various logistical and policy hurdles. However, a visit to a global port city like Hong Kong changed his vision of living in a world class city despite of the limitations that living in an island has to deal with.
Prakash is not alone in Mumbai who is today asking for a Mumbai Makeover. Across the country, there is a need and demand for redevelopment to get the city a new facelift. In many cities the policies are also being facilitated, still the question stands whether urban India is poised for a makeover?
Will Mumbai be a case study of redevelopment and then eventually the model will be adopted across the country? Will some of the metro cities demolish the conventional notion that redevelopment is just slum redevelopment? After all, any part of the metro city with a deep population density and old structures offer an inherent redevelopment potential.
Jitendra Jain, MD & CEO, Neev Group believes unavailability of unencumbered land, tiny private plots and hazy government policies coupled with slow pace of decision making are currently the challenges for redevelopment in this part of the world.
…..to be continued
