moneycontrol.com-As developers supercharge redevelopment play, homeowners revel in new-found prosperity, lifestyle upgrades
In 2021, Rekha Chotalia and her family lived in a 225 square foot tenement in a chawl-type, low-rise building in Goregaon (West) that is part of a Maharashtra Housing and Area Development Authority layout. It had no lifts, errant tenants, unreliable water supply and a general lack of space all around.
Cut to three years later, that building has been redeveloped by a private real estate firm into a 24-storey property, with existing tenants such as Chotalia being provided an apartment with an area of 440 square feet and parking space, as well as a sizeable amount from the corpus that the developer provided to the management committee of the housing society.
"The earlier building did not have any lifts, and some occupants did not pay for utility bills or maintenance. Thankfully, the developer completed the building on time, provided us with transit rent, and now we have moved into our new home that is bigger and better," Chotalia said, having shifted into her new home with her family earlier this year.
