Redevelopment in Mumbai is very upbeat as there is a very limited possibility of open land within the city and suburban limits coupled with fast growing demand for houses and shortage of housing stock.
A large number of buildings exists that are in a bad shape or unkempt due to age, atmospheric consequences etc. This is a point where the building has reached the pinnacle at which point neither structural repairs nor the large sums of money that go into its restoration would guarantee its life span. Hence redevelopment is the best possible option for such buildings as to try and avoid hazardous consequences of collapsing and killing and injuring people. The optimistic side of redevelopment is to simply provide extra space for members with extended family. The Government has allowed incentive FSI for carrying out redevelopment schemes in the city as well as in suburbs
Redevelopment takes a rather good amount of time due to Consent of Society members, Extending EOI (Expression of Interest) by Society, Furnishing documents to developer, Addressing Society problems, Appointing consultants, Tendering/ short listing, Selection of best option, Extending LOI (Letter of Intent), Deal structuring, Municipal approvals, Execution of DA & POA, Shifting to Alternate accommodation, Demolition & re-construction,
Granting possession, etc.
Society members always ask one question in the first meeting with any PMC, how much time will it take to get through the entire process and come back in new building, and the answer of that question is quite complicated as above mentioned milestones have to be achieved only by the members of society, PMC or Architect may only guide but the decision has to be taken by society only .