Growing awareness among residents is the reason for the increase in redevelopment, a report said
Redevelopment projects accounted for just 3.6% of new Rera registrations in 2017, according to the report. This surged to 20-26% in 2023, said the startup’s founder, S Laxminarayan.
“Kothrud leads the way in redevelopment, which is an important part of real estate’s life cycle — it offers an option to a prospective buyer to buy a prime property,” Credai Pune president Manish Jain said. Vishal Gokhale, CMD, Gokhale Constructions, said Kothrud was at the forefront of housing redevelopment as the residents are highly aware. “The area has been witnessing redevelopment for the past two decades,” he said. Laxminarayan said that lack of proper documentation, disputes among flat holders and incomplete sanction of development plans taken by the developers from authorities are among the chief causes of a delay. “The govt had also allowed four months’ leeway because of geopolitical tensions — this is also registered as an extension,” he added.