What Brought On The Need for Redevelopment?

We’ve explored how self-redevelopment works, but how did the need for a new style of redevelopment come about? With time, a lot of issues with traditional developer-led redevelopment started to rise, with not many solutions to fix them. Some of these issues include:

Stalled Projects

Over the past 18 years, there have been over 5800 stalled construction projects across Mumbai. Most of them are incomplete due to mismanagement, fraud and malpractice by developers. With the increase in redevelopment opportunities in the 2000s and 2010s, many developers took on multiple projects at the same time to maximize profit. This, in turn, led to a lot of mismanagement of funds, which then caused these developers to stall projects indefinitely. 

Lack of Trust in Developers

This prevalence of stalled projects then led to most homeowners losing faith in builders and the concept of redevelopment. With builders unable to deliver on their promises societies became more hesitant to redevelop because it meant risking never getting their homes.

Long Timelines for Completion of Projects

In cases where the project wasn’t stalled, it was almost guaranteed to be delayed. When it comes to traditional redevelopment, once you sign a development agreement with the builder, they take over the entire construction and marketing of the project. In this method, society members get no say in how this process should move forward, or the timeline of the project. Traditional developer-led projects were almost always delayed and there was nothing the society members could do besides wait. 

The helplessness and frustration brought on by such situations led to the rise of self-redevelopment in the city. Furthermore, the Mumbai government even came up with a General Resolution in 2019 to help clarify and simplify the self-redevelopment process. 

Self-redevelopment allows society members to take control of the project and ensure that it meets the needs of the people who will be living there. If the task seems too daunting, the newer model of self-redevelopment with a development manager can help you make the best of both worlds.