Redevelopment Of Housing Societies In South Mumbai
Housing Societies In South Mumbai : The best housing societies in the silk stocking areas of south Mumbai, including Malabar Hill, Walkeshwar, Nepean Sea Road, and Altamount Road, are currently experiencing a redevelopment fever.
New flats in these affluent neighborhoods can cost more than Rs 1 lakh per square foot. These organizations are also being pursued by a sizable number of the city’s A-list developers, who are hurriedly submitting their proposals for lucrative redevelopment projects.
Many elite societies in Bandra’s wealthy Pali Hill, Carter Road, and Mount Mary neighborhoods. Where property prices are among the highest in the suburbs, are up for redevelopment, and many of them have already made deals with top builders.
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Redevelopment Of Housing Societies:-
In Malabar Hill on Narayan Dhabolkar Road. Palmera Cooperative Housing Society (Pleasant Palace) is situated on a beautiful 1.5 acre seaward property. The 47-member society, which bought the ground in 1971, just recently gave the authorization to redevelop the site to K Raheja Corp. A company owned by builder C L Raheja. The rehabilitation project is expected to cost around Rs 20 billion and have a built-up area of about 1 lakh square feet in the open scale component.
Many elite societies in Bandra‘s wealthy Pali Hill, Carter Road, and Mount Mary neighborhoods, where property prices are among the highest in the suburbs, are up for redevelopment, and many of them have already made deals with top builders.
In Malabar Hill on Narayan Dhabolkar Road. Palmera Cooperative Housing Society (Pleasant Palace) is situated on a beautiful 1.5 acre seaward property. The 47-member society, which bought the ground in 1971. Just recently gave the authorization to redevelop the site to K Raheja Corp. A company owned by builder C L Raheja. The rehabilitation project is expected to cost around Rs 20 billion and have a built-up area of about 1 lakh square feet in the open scale component.
Many Grade A developers replied when the Meher Apartments Co-op organization requested offers for renovation. The offers will be made available to the general audience on January 3, 2023. According to a flat owner, the residents. Who currently dwell in flats varying in size from 1,300 to 2,300 square feet, expect 50% more room in the new building. In two structures, the community has 76 apartments. According to its proposal document. “The society plans to redevelop its residential structures by using maximum FSI potential on net plot area and permitted fungible compensatory area.
Housing groups in South Mumbai are collaborating with famous architects to refurbish their buildings. One of them is Giriraj, a neighborhood near the Meher Apartments off Altamount Road. It is well known that JSW has obtaine the rebuilding rights for the nearby New Deluxe Apartments.
Raja Shreepal Society in Nepean Sea Road recently issued a request for proposals for the hiring of project management experts. And architects in order to redevelop its over one-acre plot. Which has two buildings with ground plus 14 storeys and 115 members.
Breach Candy reports that KBK Developers (Rajendra Kothari) and Saidale Co-op society (previously Pratibha co-op Housing society) are believed to have struck an arrangement for the building of a new skyscraper on the nearly two-acre site in Sophia College Lane. The 36-story skyscraper was notorious for FSI breaches in the 1980s before it was destroy three years ago. K Raheja Corp. has been granted permission to redevelop the 43-member Balmoral Apartments Society at Mount Mary Road in Bandra (west). The Rahejas also obtained the redevelopment rights to the Queens and Grand Canyon housing societies on Pali Hill.
Housing Societies In South Mumbai
To renovate the 43-member Balmoral Apartments Society at Mount Mary Road in Bandra, K Raheja Corp. has been given approval. (west). Additionally, the Rahejas were granted the opportunity to redevelop the Pali Hill housing communities known as Queens and Grand Canyon.
Many coastal societies have been redevelope thanks to the relaxation of coastal regulatory zone. Laws and the building benefits offered by the new development control rules. Societies favor A Grade Developers because of the numerous instances of tiny developers failing to finish their projects.
“Several societies at Ultra-Premium locations such as Altamount Road, Carmichael Road, Walkeshwar and Worli are going for redevelopment,” “This suggests that the supply of ultra-luxury units will increase in the future in these micro markets.” He claims that the most stock is accessible at a unit cost of Rs 250 million, and that carpet costs over Rs 85,000 per square foot in these places.
According to registration statistics. There were 134 transactions in the preceding 12 months where the unit cost was more than Rs 250 million. 58 of these devices were purchase brand-new (prime market), while the remaining 73 were purchase second-hand. “New supply prospects in a hazy macroeconomic climate point to additional stress in the ultra-luxury sector. Around 75,000 homes in Mumbai are estimated to cost more than Rs 250 million.
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