Mumbai’s Redevelopment Rush: Old Buildings Get New Life

Long-time Vashi resident Amit Sawant represents the hardships faced by many Mumbaikars who live in dilapidated structures with subpar services. The redevelopment of his 40-year-old building promises a contemporary 3BHK flat with improved amenities, including a long-awaited elevator.

Deteriorating infrastructure in older buildings, many of which are over 30 years old, is the main cause of Mumbai’s reconstruction boom. Basic facilities like parking, restrooms, and elevators are frequently absent from these buildings. Up to 80,000 structures in the city, according to experts, are ready for renovation. Along with suburbs like Andheri, Borivali, and Vashi, high-density neighbourhoods like Dadar, Bandra, and South Mumbai are spearheading this change.

Redevelopment has escalated as a result of the post-pandemic real estate boom and new infrastructural initiatives including the Atal Setu trans-harbour link and metro lines. Issues like premium fees and gentrification worries are being addressed by the government and builders.

For affordability, Dr. Niranjan Hiranandani underlined the necessity of lowering reconstruction premiums. According to experts, redevelopment is changing Mumbai’s skyline and enhancing the standard of living for locals by striking a balance between luxury and inexpensive homes.

Source: NDTV Profit

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