Mumbai Housing Societies Toughen Stance on Builders in Redevelopment
MUMBAI: Traditionally, developers have wielded considerable influence in the real estate market. However, housing societies planning redevelopment are now shifting dynamics in their favor. With builders eager to secure redevelopment rights, these societies are negotiating aggressively, often making “unrealistic demands” for their properties. Market insiders report that housing societies are seeking additional space, hardship compensation, and relocation amounts that exceed prevailing market standards by as much as 15%–25%. Alongside standard area matching and displacement compensations, many are requesting excess amenities and significant hardship payments per member. Some expectations extend beyond what’s feasible, with societies demanding extensive additional area, substantial displacement…
