The real estate redevelopment story being scripted by young home buyers in Mumbai The Times of India
The real estate redevelopment story being scripted by young home buyers in Mumbai
The Times of India
Rishabh Siroya
Take any prominent city in India, Mumbai in particular, and you will find old, dilapidated, and often poorly maintained buildings dotting its skyline. Unlike other cities, many of these Mumbai buildings continue to be occupied even though they are at their end-of-life stage, are almost impossible and uneconomical to repair and are a genuine threat to the life and limb of its residents. Some particularly mid-rise structures lack basic facilities like lifts despite location advantages.
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 most priciest real estate markets in the country.
