NAREDCO Maharashtra Panel Discussion Highlights the Necessity of Property Redevelopment
Key dignitaries and experts at NAREDCO Maharashtra’s panel discussion on 'Society Redevelopment under Various Sections' shed light on the critical aspects and challenges of property redevelopment in Mumbai.
Property RedevelopmentNaredco MaharashtraHousing StockPublicprivate PartnershipsInfrastructure ChallengesReal Estate MaharashtraOct 27, 2024
Responding to the real estate industry’s demand for reduced premiums on redevelopment, Dr. Gagrani stated that various redevelopment avenues could be structured properly with due feasibility. However, he cautioned that incentives should not be solely based on financial feasibility. “For any redevelopment project to be successful, it must be financially feasible. Awareness among society members about the redevelopment process is crucial,” he affirmed.
Dr. Gagrani also discussed the BMC’s vision for matching infrastructure with the rapid growth of redevelopment. He highlighted potential challenges, especially in areas such as water supply and sewage systems. “We have plans ready for surface infrastructure like urban mobility, parking areas, and quality roads. However, the infrastructure below the ground, such as sewage and water supply, may face significant challenges due to increasing water per capita,” he explained.
One of the positive trends noted by Dr. Gagrani is the good response from private societies under Section 33(7A) for the redevelopment of dilapidated, unsafe, and authorized tenant-occupied buildings in the suburbs. These societies are increasingly opting for competitive bidding from developers.
Gautam Chatterjee, the Former Founding Chairman of MahaRERA, emphasized the need for balanced incentives to move redevelopment forward. He pointed out that about 8,000 projects in Mumbai are currently stalled due to timeline issues. “There is a need to disseminate knowledge and information to educate society members and other stakeholders about the processes of redevelopment. This includes understanding various Acts, Regulations, RERA guidelines, and Court orders,” he said.
Chatterjee suggested the creation of a web portal to transparently and seamlessly disseminate information, monitor projects, and resolve issues. He also advocated for e-monitoring methods, an ‘Alternate Dispute Resolution’ system for stalled projects, and a ‘Self-Regulated Organization (SRO)’ platform like a Section 8 Company for self-regulation.
NAREDCO Maharashtra has collaborated with Gautam Chatterjee to launch the ‘Grihamony Redevelopment Stakeholders Federations (GRSF)’ to enhance awareness and knowledge in the redevelopment sector.
Dr. Niranjan Hiranandani, Chairman of NAREDCO and Co-founder of the Hiranandani Group, strongly advocated for a reduction in the premium on redevelopment. “The challenge is to match the pace of redevelopment. A 50% reduction in the premium is necessary to create more affordable housing in the city. Redevelopment should aspire to provide a better quality of life,” he said.
NAREDCO Maharashtra is committed to driving the redevelopment process forward, ensuring that it not only meets the housing needs but also enhances the quality of life for residents.
Frequently Asked Questions
What is the main focus of NAREDCO Maharashtra’s panel discussion on property redevelopment?
The main focus of the panel discussion was to highlight the critical aspects and challenges of property redevelopment, including the need for public-private partnerships and reducing premiums to create more affordable housing.
Why is awareness among society members important for redevelopment projects?
Awareness among society members is crucial for the financial feasibility of redevelopment projects. Educated members are more likely to support and actively participate in the redevelopment process.
What are some of the potential infrastructure challenges during redevelopment in Mumbai?
Some potential infrastructure challenges include water supply and sewage systems, as the rapid growth of redevelopment may strain these below-ground infrastructures.
What is Section 33(7A) and its significance in the redevelopment process?
Section 33(7A) is applicable for the redevelopment of dilapidated, unsafe, and authorized tenant-occupied buildings in the suburbs. It has been receiving a good response from private societies, who are opting for competitive bidding from developers.
How does NAREDCO Maharashtra plan to enhance awareness in the redevelopment sector?
NAREDCO Maharashtra has collaborated with Gautam Chatterjee to launch the ‘Grihamony Redevelopment Stakeholders Federations (GRSF)’ to enhance awareness and knowledge about the redevelopment process among stakeholders.
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