Pune city has a very unique & independent identity in the history of India. The city known as Oxford of the east 1st got transformed to the IT hub of India and now is going under a new transformation from a geographical standpoint. Redevelopment is that new transformation that is going to play a vital role in Pune’s growth story.

In the 1980s and ’90s, Pune underwent its 1st geographical transformation, with old Wada’s getting transformed into 3-4 storied buildings. Redevelopment brings the new wave of this transformation where 3-4 storied buildings will now turn into 8-11 storied buildings. The key areas which went through the 1st transformation were Kothrud, Bibewadi, Sahakar Nagar, to name a few. Naturally, these areas are again prime locations where the 2nd wave of change through redevelopment has started taking shape.

It is predicted that 5% of the total societies registered in Pune will go for redevelopment. The current number of registered societies is around 20,000. This indicates close to 1000+ societies will go for redevelopment in the coming years.

Government Rules – Facilitating Redevelopment

Another significant boost to the redevelopment is the series of Government Rules and Regulations in the last 5 years. In 2017, the government passed DC rules followed by rules laid down due to the Metro project. The final boost was the Unified Development Control Rules laid down by the Government of Maharashtra in 2021. These rules have made redevelopment a much more profitable venture for both society members and Developers.

The government departments are now clear on the rules and regulations to be applied. Hence the complete process is now fast-tracked and smooth. Public awareness towards redevelopment is also on the rise for the last 3 years. Multiple agencies like Society Plus, Maharashtra Times, and various Developer forums educate the Society Members, creating a significant impact.

Demand for Redevelopment from Society Members is on Rising

Redevelopment brings multiple benefits for societies, and societies and apartments look at redevelopment as a great opportunity. With government regulations and a defined process for redevelopment within government offices, society members are now confident that this would be a golden opportunity.

Vital Benefits for Society Members Include:

  • Reduced GST percentage
  • Bank guarantee
  • TDF and FSI usage rights
  • Reduced rates for additional area
  • Completely transformed new property
  • Modern amenities at no extra cost
  • Legal protection through RERA Act.

All these benefits with the advantage of location and a house loved by the new generation have raised hope for redevelopment.

Builder Fraternity is all in for Redevelopment

The real estate industry has suffered a lot in the recent past. Demonetization, global slowdown, and the current pandemic situation has made builders think twice before investing in big projects in the annex regions. The return on investment on such projects was a big question mark for builders. Redevelopment has brought in a new hope for them as well. Redevelopment projects provide the perfect platform to bounce back. With no land cost, builders can now invest in such projects at lower cost and have the assurance of profits within 3 years from such projects. As a result, smaller builders and more prominent names like Nyati Builders, Mittal Builders, Pate Developers, are also investing in these projects. This is a clear testimony that the redevlopment segment is there for growth.

We urge all the housing societies to take advantage of this new opportunity. We at Society Plus act as Project management consultants for Redevelopment and facilitate the whole process of redevelopment. We are currently working with 5 societies for redevelopment. Please join our Facebook Group – Redevelopment & Self Redevelopment Awareness – Pune and interact with us directly. Follow our Facebook page – Society Plus to know more about Redevelopment.