Change In Industry Dynamics !
- Since 2012 the real estate industry has gone through a sea change in terms of the regulations and the costs thereof, significantly altering the market dynamics of redevelopment. There have been quite a few projects which have got affected due to the said drastic changes and are stuck midway resulting in substantial hardship in terms of non-receipt of rent towards temporary alternate accommodation coupled with the uncertainty of restarting of the stuck up project by the developer.
- The real estate developers are also going through one of the toughest recession witnessed till date, resulting in abysmally low interest in bidding for new redevelopment projects of housing societies. Given the overall scenario of the industry and the fear of getting stuck midway, the housing societies are also by and large apprehensive to proceed with the redevelopment by appointing a developer.
- However the fact that there are substantial number of buildings in Mumbai which are old and dilapidated and need redevelopment on an urgent basis cannot be negated. This has opened up a new window wherein the societies are looking at the “Self-Redevelopment” option wherein the societies themselves will develop their respective plot.
- Though the intentions of the Managing Committee and its members are honorable, there is a big void in terms of the necessary know-how, expertise and ability to execute the said “Self-Redevelopment”.
- To fill up the said void and to cater to the need of Self Redevelopment by housing societies, Bharat Rao has formed Anandamide Self Redevelopment Advisors Pvt Ltd with the goal of assisting and hand holding of housing societies exercising the option of Self Redevelopment and also of societies who having started the redevelopment by a real estate Developer, are now stuck midway with no recourse foreseeable in the near future.