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Young home buyers are scripting Mumbai’s real estate redevelopment story

Written by - Rishabh Siroya, Founder Siroya Corp & President, NextGen Committee, NAREDCO, Maharashtra.

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Take any prominent city in India, Mumbai in particular, and you will find old, neglected, and often poorly maintained buildings dotting its skyline. Unlike other cities, many of these Mumbai buildings remain occupied even though they are at their end-of-life stage. As a result, they are almost impossible and uneconomical to repair and are a genuine threat to the life and limb of its residents. Moreover, despite location advantages, some particularly mid-rise structures need more basic facilities like lifts.



However, these buildings are the key to addressing one of the most pressing problems of Mumbai's real estate - land shortage. This is where redevelopment comes into play, helping address both demand and
supply of land and houses in one of the priciest real estate markets in the country.

Per one estimate, the city has at least 14,000 buildings requiring massive repairs. Over 25,000 societies in the town, as per the Maharashtra Housing and Area Development Authority (MHADA) data
are keen on redevelopment.

For Mumbai's real estate, redevelopment is a concept introduced previously. Realtors, developers and even the government have courted redevelopment for over a decade now, but often those stories were marred by tales of delay and projects being abandoned mid-way.

However, thanks to the uncompromising new generation buyer sentiment on the quality of life and living space, there is a tectonic shift in how Mumbai's redevelopment story is shaping up. This renewed interest and surge in redevelopment are being scripted by the next-gen is precise, phased and punctual and promises to benefit homeowners, developers and new customers.

Since old societies often tend to be spacious, redevelopment allows developers to take advantage of its full FSI potential on the net plot area and fungible compensatory FSI. In addition, the redevelopment provides residents of old housing societies with additional facilities like designated parking,
gardens, children's play areas, gymnasium and swimming pool, depending on the terms of the agreement. But, more importantly, it gives them a quality house that is well constructed, spacious and has a better market value.

However, as mentioned earlier, this demand for redeveloped societies isled by the young buyer who is  fanatic about quality of life. Hence, these buyers, often millennials, are looking for homes closer to their workplaces, have quick and accessible public transportation services and provide other excellent infrastructure. At the same time, they are unwilling to compromise on amenities and resist moving into or buying homes over five decades old, even if they boast of excellent locations.

This is why more and more young homebuyers are looking at redevelopment projects, as these projects tick almost all their checklists when shopping for a home. A survey by the Confederation of Indian Industries (CII) and Anarock, titled The Housing Market Boom, found that millennials are driving India's real estate demand with 52 percent choosing it as the best asset class, and Mumbai's redevelopment saga is set to reap the benefits too.

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