Residents in some of Mumbai's state-built housing complexes have agreed to solicit bids for redevelopment of the nearly half-century old housing, called Middle Income Group residential colonies. Residents and the building community alike are excited about the redevelopment.
"'It's a pot of gold, both for builders as well as the residents. Builders gain by exploiting additional construction rights in the form of the floor space index (FSI) they get to redevelop these properties. As for the residents, they are expecting new, larger apartments as well as a generous corpus running into several crores for the societies to be contributed by the builder who bags the projects,' said a real estate expert. "
"The MIG redevelopment plan is the latest in a series of such projects which are transforming old neighbourhoods in the metropolis."
"The demand for more housing stock combined with soaring real estate prices has given momentum to the process of regenerating land where decades-old commercial and residential properties now stand."