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Self Redevelopment and Reviving Stalled Projects

Self Redevelopment and Reviving Stalled Projects

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Mumbai is often referred to as the city of dreams for all Indians but the issue of dilapidated buildings haunts Mumbai. There are more than 16,000 buildings in Mumbai which are in dilapidated condition and need repair or reconstruction. About 8 lakh people stay in such buildings. 300 people have died since 2013 due to building collapses and more than 3,945 accidents have happened in last 6 years.

Redevelopment and Self-Redevelopment are the only viable options for the owners, occupants and tenants of such buildings.

There are around 4.8 Lakh housing units valued at Rupees 4.48 Lakh Crores stalled in Top Seven Cities as per Government of India. Majority of these projects are from MMR and NCR regions which account for 77% of these stalled projects. As of December 2021, MMR alone had about 1.34 Lakh housing units valued at Rupees 1.91 Lakh Crores stuck.

Reviving these stalled projects is extremely important for all real estate stakeholders namely Customer, Financial Institution, more than 300 Ancillary Industries and Government. Initiatives like Special Window for Stalled Housing Projects and Stressed Asset funds like SWAMIH by SBICAP Ventures are steps in right direction.

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