Redevelopment continues to reshape Mumbai’s skyline, offering homeowners a chance to upgrade their lifestyles while boosting property values. The latest high-profile example comes from Bandra’s Shree Amrit Society on Carter Road, where superstar Shah Rukh Khan owns a sea-facing apartment. The society recently announced a redevelopment deal that will grant its residents a staggering 155% extra space.
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This means that once construction is complete, SRK himself could receive a 4 BHK apartment spanning nearly 2,800 sq. ft., according to sources.
But such massive gains are not uniform across the city. Experts point out that location, plot size, FSI (Floor Space Index), and developer terms largely dictate how much additional space homeowners can expect. Let’s break down the key aspects every society should consider before signing a redevelopment deal.
What Exactly is Redevelopment?
In Mumbai and across Maharashtra, many aging housing societies—mostly two to seven-storey buildings—are opting for redevelopment.
- The old building is demolished.
- A modern, larger structure is built.
- Residents receive bigger homes at no cost.
- Developers profit by selling surplus apartments in the open market.
- The government earns revenue through FSI sales.
On paper, everyone benefits—but the real deal depends on the fine print.
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How Much Does Location Influence Extra Space?
Location is the single biggest factor.
- Premium sea-facing or prime areas (like Bandra, Worli, or Juhu) often see homeowners doubling their area.
- Average or less desirable locations may fetch only 20–50% extra space.
- In some upscale areas like Worli Seaface, residents have negotiated 94% extra area plus full rent upfront, showing how drastically deals can vary within just a few hundred meters.
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Does Extra Space Mean Extra Costs?
Yes. With a larger home comes higher upkeep.
- Current maintenance fees in older societies: ₹1,500–₹2,000 per month.
- In new redeveloped condominiums, fees can rise significantly due to bigger homes and premium amenities.
- Homeowners must budget for higher monthly expenses before finalizing the agreement.
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Is Redevelopment Just About Area Gain?
Not at all. Experts caution that redevelopment is about more than numbers.
“Redevelopment is a once-in-a-lifetime opportunity—not just for a bigger flat but for a better lifestyle, long-term security, and legacy,” says Sharan Babani, promoter of Satguru Builders.
Factors to check:
- Developer’s design quality.
- Construction standards.
- Timely delivery track record.
- Whether the new building will retain value 20 years from now.
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Why Should Societies Hire Their Own Lawyers?
Legal protection is non-negotiable.
- Developers often offer to draft the redevelopment agreement themselves.
- Experts warn this is a red flag, as such drafts may lean in favor of the builder.
- Societies should appoint independent lawyers and architects to safeguard their interests and ensure transparency.
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Why Does the Developer’s Track Record Matter?
Not all developers are equally skilled in redevelopment. Unlike building on vacant land, redevelopment projects involve:
- Managing existing tenants and promises.
- Handling legal clearances.
- Delivering on time while balancing profitability.
Legal and real estate experts recommend choosing either:
- Branded developers with a city-wide reputation, or
- Experienced local players with proven success in the same neighborhood.
Final Takeaway
Redevelopment can transform lives—offering homeowners modern, spacious apartments without direct investment. But every society must proceed with due diligence, balancing the lure of extra square footage with hidden costs, legal safeguards, and the developer’s credibility.
For societies in premium zones like Carter Road, Bandra, or Worli, deals may seem golden. But for others, the outcome depends on negotiation, transparency, and professional guidance.
