Since last 5 years and more close to 533 realty projects that were stuck may finally see the light of the day, builders and societies of such projects will be issued notices.
By Varun Singh
Redevelopment is the only way ahead of one wishes to create housing in the city of Mumbai.
A landlocked city like Mumbai looks at redevelopment for settling not just new entrants but also rehabilitating existing tenants.
Most buildings have become inhabitable because they have lived their lives and every year we have several cases of building collapses and redevelopment is the only way ahead.
In the last five years and more there are around 533 realty projects that have been stuck for various reasons.
Now they may finally comeback on track or at least we can hope for it.
The reason being the government has decided to intervene.
Now the government has decided to send our notices to societies as well as developer.
Housing minister for the state, Jitendra Awhad took to social media to make this announcement.
The minister tweeted, “533 Schemes that are shut for the last five years and more will receive notices. These notices will be sent to the societies and the developers. Hearings in this regard shall be held and the reasons behind the problems will be remedied.”
There are several reasons why redevelopment projects get stuck.
One of them being the builders over promising tenants, the promise could be of extra space or unrealistic corpus funds.
Even tenants at times get carried away by these promises and instead of going with a builder with sound financial background end up with developers who are unable to fulfil the basic promises.
There are infighting’s too and many tenants do not wish to vacate their old buildings fearing that they might never return. There are many such cases of tenants languishing in transit camps for decades.
The government if holds speedy hearings then this problem may see an end and redevelopment might resume at stuck projects.
Also Read: Developers divided on Govt fixing rent for slum projects
