What is Redevelopment in Housing? And 6 Ways it is Beneficial in Pune
‘Redevelopment’ in housing is the new buzzword in saturated metro cities like Delhi, Mumbai, Pune, etc. Dilapidated structures that are on the verge of collapse are the dark reality of these places. Limited land availability, skyrocketing property prices have led to the housing redevelopment concept. These buildings have surpassed their effective lifespan. Developers, as an incentive to owners of older buildings/land offer additional area, money, and the promise of a new flat with better amenities.
With the exponential way in which Pune is growing, property prices touching the sky, redevelopment in housing is gaining momentum in the real estate scenario here. Increasing employment opportunities have led to a steep demand in 1, 2, 3, 4 BHK apartments in Pune.
What is Redevelopment?
Redevelopment in housing means activities that are undertaken for constructing new buildings or improvements at a site where formerly existing buildings have been demolished for rehabilitating or reusing the site for a different purpose. Redevelopment is the most feasible solution to put the land into profitable use. However, this must be done post procuring approvals from the necessary authorities.
Redevelopment includes the following:
- Vacant lands that have no existing activity but were previously developed. It could be the redevelopment of an industrial site.
- Revamping and construction for denser land usage, like demolishing row houses into an apartment building
Let us explore the concept and how the demand for flats in Pune may be met using this concept.
6 Benefits of Redevelopment in Housing
In the case of existing buildings, structural repairs increase property’s life by 4-5 years but redevelopment infuses a new lease of life to housing societies. Structural repair is not economically feasible to take care of seepage, weak walls, and foundations, leaking water pipes, etc. Besides, the developers offer newly constructed earthquake resistance structures that increase their life expectancy.
- Enhanced standard of living
Redevelopment ensures a better standard of living. Not only it encompasses reconstructing the building from scratch but also improved facilities such as intercom facilities, concealed plumbing, smoke, cable and telephone wirings, smoke detectors, firefighting, clubhouse, swimming pool, gymnasium, and so on.
- Adequate supply for Demand gap
Redevelopment can help solve the problem of the housing shortage in prime areas as dilapidated buildings are reconstructed with additional flats. It can also aid in accessing prime markets without significant upfront investment.
- Better ROI
The redevelopment also ensures increased capital values of the property. With modern amenities and improved condition of the property, capital prices are likely to increase. So you get a great ROI without actually having to invest for the revamp. Also, you get better rentals for the improved property.
- RERA Accountability
Last but not the least, the redevelopment projects are included under the ambit of the Real Estate Regulation and Development Act, RERA. This means that the developer stands accountable to deliver projects in time and as per the agreed terms and conditions.
- String of Benefits
Redevelopment offers owners a new home with more space as well as monetary benefits without them having to shell out their own money. Since all redevelopment projects focus on either stilt parking or basement parking, the ground space can be used as a play area for kids. This is generally missing in older societies.
So if you have been looking for a reliable and trustworthy developer for a redevelopment project, Nirman Developers is a prominent name in Pune. The group incepted in 1993 has successfully executed commercial and residential projects including hotels. Quality, commitment, trust, and transparency is what the group stands for. For any need or query, get in touch with them now!