Property markets are in the doldrums with unsold inventory at an all-time high with no buyers on account of economic slowdown the world over and India being no exception. Redevelopment projects are languishing at the moment in various stages of completion and owners of such properties who turned as tenants living a life of apathy and stress as many don’t even receive the rent promised by the developer. Corruption rules roost in this sector and illegal construction, pre-booking launches without an brick being erected and other multiple irregularities have only piled up cases in courts and many builders even not traceable or some even behind bars which has made life hell for those who have vacated their flats or properties for redevelopment.
The government should encourage ‘Redevelopment’ without ‘Displacement’ where the developer should be asked to construct the building in open area of the society like gardens or playgrounds wherever available. Old buildings should only be demolished after the members have been shifted to the new construction as this would provide security and safety to the people apart from saving ‘Rent ‘ component for the developer in today’s times of financial crisis when most builders are bleeding at the moment. Two or three projects of similar size and financial viability can be combined if open space is not available in single building societies.
The government is aware of the various problems of redevelopment projects and people displaced and time for the authorities to come out with an innovative development plan (DP) to help the city grow vertically without hurdles by creating more gardens as well as open spaces for everybody to breathe fresh air!
(The views expressed by the author in the article are his/her own.)