Self-Redevelopment: A New Beginning for Old Societies
There are thousands of old societies across India that have been facing a host of challenges such as water leakage, cracks in beams and walls and fragile floors among others. A number of these, which were built over three to four decades ago are especially found in cities such as Mumbai and Delhi, and require immediate attention having basically crossed their lifespan. This has led to a growing need for redevelopment. Redevelopment, essentially is the process wherein a society seeks the aid of a real estate developer, who assumes the responsibility of razing the construction to ground and reconstructing a new building. In the process of reconstructing the building, more often than not, there will be an increase in the number of apartments or area of the same because of the additional FSI benefits provided by the government. The house owner stands to gain from this in the form of extra square feet space. The developer in-turn, reaps his profit by selling the increased area vi...