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April 2018

Borivali housing society takes Rs 110-cr loan for self-redevelopment

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Tired of developers, in a first of its kind move, a housing society took a loan of Rs 110 crore to carry out self-redevelopment in Borivali. Shailesh Vihar Apartments near Bhagwati Hospital has received the loan so that they can carry out the redevelopment without any developer. The society says that after redevelopment, they will get homes that are 48 per cent bigger than their existing ones and after repaying the loan, they will still earn Rs 20-25 crore. This will be another first.

According to the secretary of Shailesh Vihar Apartments Rohit Shetty, they had roped in a developer for redevelopment nearly five years ago, but because of dilly-dallying the project never took off. There were few more developers who got involved but the society and the developers couldn’t agree on the same points. Towards the end, they met a group of people who suggested the option of self redevelopment.

The society currently consists of four wings spread over a plot of 3,700 sq m and has 87 members, including 13 commercial establishments within the premises. It was originally built in 1974.

“We tried with developers first, but things didn’t materialise, and then we met some people who are now helping us to carry out self redevelopment of the area. The loan amount we have got is Rs 110 crore from Mumbai District Bank, and the interest amount right now told to us is 12.5 per cent. Our calculation shows that we will get 48 per cent bigger homes than the ones we live in now, and also we will save up to Rs 20-25 crore even after paying the loan. This will make our homes maintenance free,” said Shetty.

According to Shetty, earlier all these benefits were being pocketed by the developer, but now the society and its members shall get it. Pravin Darekar, Chairman, Mumbai Bank said, “We received more than 350 proposals of which 13 proposals were expedited. The loan amount sanctioned varies from Rs 6 crore to Rs 110 crore. Of which Shailesh Vihar in Borivali has been sanctioned Rs 110 crore. The disbursal of the loan will be done in a phases manner. As per RERA guidelines, we are willing to give bigger loans, too, to bigger societies to encourage self-redevelopment.”

The money that will come from the sale of flats will be used for repaying the loan as well as for the society.

The total cost of the project is Rs 190 crore, but the society went for a lesser amount as they didn’t need so much. Pranay Goyal, of Wedevelopment, an organisation that helps societies in self-redevelopment, said, “This is the biggest project of self-redevelopment. Here the society will get all the benefits, including the one from sale of flats that will be generated.”

Mumbai 2.0: A Redeveloped, Revamped Skyline

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From consisting of seven islands that were largely inhabited by the fishing community, to becoming a bustling metro that is today the financial capital of the country, Mumbai has come a long way. In tandem with the transition, the city has transformed at a phenomenal rate and has reclaimed land at several places to meet the increasing space crunch demands. Today, there are a large number of residential structures which have well crossed the 30-year-mark and are in a dilapidated condition. And now with the limited availability of land parcels, developers have turned to the redevelopment of existing structures to meet the present and future needs of the ever-growing city.

For a city like Mumbai, redevelopment has emerged as the most viable option to revamp the city’s skyline. By demolishing existing structures to replace them with modern, more stable buildings, redevelopment will take care of the need to increase urban housing as well as make optimum use of the available land.

Subject to approvals from the Municipal Corporation of Greater Mumbai, redevelopment is an economic solution for buildings and housing societies that require immediate attention but are cash-starved as well. Moreover, as the city has reached its saturation point, builders have realized the importance of redevelopment. There are several structures across Mumbai, which are in dire need of attention.  If left unattended, these can prove fatal as they will not be able to withstand natural calamities as well as pressure from upcoming projects in the locality.

A recent example to validate the need for redevelopment stems from the collapse of a building in Ghatkopar. Although the building was already in a visibly dilapidated condition, there were renovations taking place in one of the commercial establishments in the premises. Had there been a prior structural audit conducted before undertaking any works, the building would have been identified as unsafe, thus avoiding the loss of life and property. These, as well as several other incidents of buildings collapsing across Mumbai, have further emphasized the urgency for redevelopment to take flight.

While much has been spoken about the advantages of redevelopment among government and industry leaders, we have seen there is uncertainty among the general public about the same. What redevelopment essentially provides for are new homes, without the financial burden. Residents are also able to enjoy added amenities like gyms, security services, car parking etc. The newer structures are also earthquake resistant, as mandated by the government. Buildings constructed under redevelopment projects are also a lucrative prospect for increasing housing stock, which will ultimately bring about price stability, helping fulfill the Government’s vision of housing for all.

With the implementation of RERA, developers will not only have to register the entire project after obtaining necessary sanctions before they can begin advertising, but will also have to invest their own money into the project as well as provide quarterly updates to the necessary authorities. This is no doubt a consumer-friendly move, and we are hopeful will garner positive attention towards redevelopment.

With several economic and social benefits of redevelopment, we are confident that this new age approach to construction will result in an improved skyline and a better quality of life.

By Mr. Pranay Goyal, Managing Director, Wedevelopment

Damage control: How to avoid mishaps when renovating your home

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Do you know how much your box grille weighs? Has your contractor done any calculations to check that the wall below it can take that weight?

This is a prime example, say structural engineers, of how renovation and beautification efforts that seem harmless can go horribly wrong.

The As Built drawings, AUTOCAD prints and blue prints are not just a formality but important papers to refer to before you take up any repair works in your house. Most people don’t realise this.

“Having a sense of these drawings is so important, they help you know where exactly the columns and beams are and you don’t end up damaging them, know that even changing the light fixtures can cause harm if you are unaware of the structure of the building as most people are,” says Pranay Goyal, MD, Wedevelopment, a management solution company that specialises in self-redevelopment of societies.

Recently, a building in Ghatkopar collapsed killing 17 people. Residents blame a political leader for the collapse. “The political leader tried converting the building to commercial use in 2009 and starting a hospital on its ground floor,” residents say in an HT report. “He then planned to convert the hospital into a guesthouse. The renovation work for the guesthouse weakened the building leading to its collapse.” The changes you do to the structure, hence, weakens your building.

As with the box grilles, changes you make to the dry yard, walls you replace and even flooring renovations can, in long run, weaken your building. Ceilings can cave, cracks can form in walls, leading to destructive leakages.

“Even concealing an electrical socket can be harmful — it requires chiselling of beams and columns walls, and that doesn’t sound harmless, does it,” says Pooja Bihani, architect and founder of the Spaces & Design interiors and architecture firm.

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