It’s the time to bid final goodbye to thousands of ramshackle and worn-out buildings of Mumbai, financial capital of India, and the new era will take place under the aegis of notable realty developer Kumar Urban development Limited (KUL). KUL has already commenced the highly optimistic mega series of 18 redevelopment projects, including two massive skyscrapers. There has been an initial investment of more than Rs 500 crore by now and more are going to follow.
Speaking on this Lalitkumar Jain, KUL Chairman and Managing Director, in buoyant spirits stated, “Redevelopment is the future of real estate in Mumbai that faces severe constraints on the availability of open land within the city limits.” “On the one hand the demand for housing stock is rapidly growing in the city, while on the other there are thousands of ageing buildings which are dilapidated and have reached a stage where it is not possible to carry out structural repairs. Moreover, their rehabilitation does not make economic sense, and it is better to construct new buildings instead,” added he.
It is to be noted that Mr. Lalitkumar Jain is also the Vice-President of CREDAI (Confederation of Real Estate Developers Associations of India).
It has come to the knowledge that KUL, by now, has adopted 18 redevelopment projects of the existing properties across the city. There are almost 2,000 families and all will be accommodated in brand new flats moving out from the old dilapidated buildings that may break down without notice. The company is all set to start handing over flats by the end of 2010 and finish the process of possession in the rest of the projects within 18 months to 36 months. However, even though the concerned personnel are hopeful of the same, it does depend on the size of the project.
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