Redevelopment projects across Mumbai often leave homeowners facing a difficult decision—whether to exit early by selling their apartment to the developer or remain invested through the entire process in anticipation of long-term gains.
For some, the uncertainty proves decisive. An 87-year-old South Mumbai resident chose to sell his flat rather than wait out a redevelopment timeline estimated at three years. Concerns over delays and personal circumstances influenced his decision, reflecting a growing trend among elderly homeowners seeking certainty over potential future gains. “I am currently in the negotiation stage with homeowners of an old building in South Mumbai. However, one 87-year-old senior citizen, the sole member of his family, has informed our team that he does not wish to wait for redevelopment and would prefer to sell his apartment. We are therefore considering purchasing the unit as a special case,” a developer, who did not wish to be named, told Hindustan Times Real Estate.
“The senior citizen also told us that he plans to use a portion of the proceeds to purchase another home, while donating the remainder towards an old-age home.”
Similar choices are being made elsewhere. In Kandivali, a senior citizen couple opted to sell their home at a discounted rate and relocate to Mira Road instead of waiting for project completion.
Experts note that redevelopment can significantly enhance property value, offering larger homes and upgraded amenities. High-profile transactions, such as Preity Zinta’s recent sale of a redeveloped apartment in Bandra’s Pali Hill, highlight the potential upside.
However, the process is not without risks. Delays due to approvals, funding challenges, and disputes can stretch timelines considerably. “A section of residents who do not wish to return typically opt out at an early stage of the redevelopment process by selling their flats to the developer. In many projects, around 20–30% of members choose to exit at the agreement stage. Larger developers, particularly in premium and luxury segments, are more likely to offer buyouts, making it easier for some residents to exit upfront,” said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiatives, JLL India.
“Ultimately, the decision depends on individual circumstances. Age, health, financial stability, and risk appetite all play a role. For senior citizens or those seeking immediate certainty, selling may provide a clean and stress-free exit, but at a discounted price,” said Nitin Shah, a real estate consultant based in Mumbai’s western suburbs.
“For others willing to navigate delays and temporary inconvenience, redevelopment can unlock considerable value. However, the risk is always there, but there is a bigger risk to reside in an old building and not undergo redevelopment,” Shah said.
Source: Hindustan Times
