New Step to Re-Development Old Housing Societies in Different Areas

HBS Realtors Ltd, developed Phoenix Market City mall in Bengaluru and Mumbai jointly with Phoenix Mills is on the ride where they are ready to re-shape almost 45 old residential buildings strewed over 7 acres of area in Mumbai’s Worli, Hughes Road, Marine Lines and Haji Ali which is estimated to be completed in the next five years. The builder has dotted these locations to turn it into luxury residential precinct where one can get the right exposure of lifestyle that too which comfort, luxury and satisfaction all in one.

Under this re-development segment builders first have to get all mandatory approvals from its residents and regulatory bodies for no trouble in between the process of the work and once they get all the approvals they are free to move ahead. Also in return the developer gets certain free-sale portion which they can use it in future.

HBS Realtors is ready to launch its first ever housing project at Worli by November this year. The property will be a holding four bedroom apartments with 65 story building which is estimated to be above Rs 14.5 crore whereas, five bedroom apartments is estimated to be around Rs. 38 crore. This project is also a part of that re-development segment Worli’s Shivshahi housing society.

In fact, in 2010 the company fetch the right to re-develop this society a joint venture with Infrastructure Leasing and Financial Services Ltd (IL&FS), a construction and finance firm.

According to the research, there are myriad of unplanned and not so luxury properties which are about 70-100 years old in the prime areas of Mumbai and there is a complete requirement to change them and give them an ideal shape and features so that they can sway the residents and give them comfortable space to live in throughout their time.

Basically, the locations which are in demand the builder is planning to re-construct them so that they can provide valuable space to each one.
With this, Godrej Properties Ltd is also planning to re-develop three of its prime projects in Mumbai’s Chembur and Byculla areas. On a good note, Godrej Sky (one of the ultimate projects in Mumbai), a luxury residential building with over 154 apartments has been launched for sale and its heavy demand has shown optimistic result and other than this, its other two projects named as Godrej Prime and Central are currently under construction which truly expecting to get best result like other projects.

Another leading builder Tata Housing Development Company Ltd is also putting its hand in this same process of betterment of the society where all above towards better lifestyle that has intact everything to make things better and comfortable.

The builder will work on West Delhi and Mumbai where they have reputed projects and they already are working on few old projects to make them presentable and best.

According to the spokesperson, despite all challenges in this work we all are putting our best effects to deliver quality space where one is satisfied enough to make their stay forever. And this way, builders can create more trust and customer’s attention.

Needless to say, in re-development there are whole lot of hurdles which one has to overcome to come out with the best result. There are many processes which need to be tracked down so that there is no issue in future and everything comes out in a right way. Also Delhi and Mumbai has lot of scope for re-development which not only boost the real estate sector but it also give right space to the residents who look for a comfortable space where they can actually do something more than just living there.