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Redevelopment of old, dilapidated buildings is a growing trend. Old buildings have recurring problems of maintenance and management which become tedious and expensive; residents aspire for better, more modern amenities. Moreover, with real estate values touching new heights, residents are discovering that they can unlock immense value from their property by offering it for redevelopment.
In Maharashtra, the state government, in a bid to boost redevelopment of cooperative housing societies in the state, has brought down the consent required for redevelopment from 70% to 51%. Also, all redevelopment projects registered under MahaRERA will have to be completed in a time-bound manner. Such norms will make it easier for housing societies to go in for redevelopment. As per MahaRERA in a Times of India report on 10th July 2019, nearly 40% of one lakh registered cooperative housing societies in Maharashtra are contemplating redevelopment.
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