Redevelopment of old buildings in Property markets of Mumbai, Kolkata and Delhi
The old faces of metro cities in India are on a brink of transformation. Collapsing of old buildings in Mumbai, Kolkata and Delhi are not new to the inhabitants. Hence, real estate developers are now exploring markets for redevelopment projects in big cities like Mumbai, Kolkata, Delhi and Chennai which is beneficial for both residents and developers. In the costal cities like Mumbai, Kolkata & Chennai the degeneration of buildings happens at a much faster pace because of the humid and moist climate prevailing. Hundreds of buildings are declared as dilapidated every year. Old areas in the cities are congested and the inhabitants in these areas were living there since decades. Relocating this population is next to impossible. These areas are often of historical importance hence the developers need to be extremely careful.
In the metropolitan areas there is always scarcity of land and redevelopment is the best way to deal with such situation. Many renowned developers have stepped-in in this market space.
Redevelopment in Mumbai: In the costal city of Mumbai, wherein degeneration of old buildings is quite rapid, over 15 buildings collapse every year. Redevelopment projects have kicked off in Chembur, Malabar Hills and Marine lines. Renowned developers like Godrej Landmark Developers, Mantri Group and Hiranandani Constructions are already into this business.
Redevelopment in Kolkata: In Kolkata, scenario is different, not many private sector developers come into picture. The public bodies like Kolkata Municipal Corporation or Kolkata Metropolitan Development Authority take up projects here. Here a developer has to approach the government with a proposal for redevelopment. Once the government gives its consent, the public body will partner with the developer in the projects.
Redevelopment in Delhi: The developers either get in partnership with the owners in redevelopment process or they purchase the property for redevelopment in Delhi. This trend boomed after the Government gave a nod to building third storey. Redevelopment is widely witnessed in South Delhi and especially in the areas like Dwarka, Vasant Vihar, Shanti Niketan, and Anand Niketan.