Why Redevelopment House is better than New House?
- November 30, 2020
With every passing day, the price of real estate is getting higher. It is becoming increasingly difficult for anyone to find Affordable houses in Mumbai. In this scenario, the builders have started to check at the existing buildings of the city which can be redeveloped easily.
In fact, after demolishing an existing structure, the builders get to construct a new building with more floors. The existing owners also get money, a new flat, and an additional area in their apartment complex.
While this proposition might seem really exciting, there are some factors you have to keep in mind to understand why you should choose the redeveloped projects in Mumbai rather than a brand new one.
Why is Redevelopment the Need of the Hour?
Even the Best Apartments in Mumbai that have been built over 25 years ago, requires overhauling every 5 to 10 years. This maintenance helps the building to retain its strength and make sure that seepage does not start taking place.
Even the water pipes start to wither after 20 years of use and require replacement. While the residents of most of the new house in Mumbai offer maintenance fees, after certain years, it becomes almost impossible to continue the maintenance of the property depending on that.
If the property gets redeveloped, it would not require any repairs for at least 15 years. Also, the re-developer can add some new amenities that are in vogue today.
Why Should You Go for a Redeveloped House?
Why considering different factors regarding purchasing Redevelopment V/S New Residence, most people think about money. While the general idea is that the new house requires less money, it is simply not true. You might have to pay less for the apartment, but the registration fees, name transfer fees, utility charges, and stamp charges, etc. could accumulate to become quite a hefty sum.
While you might be able to pay all this extra money for the best apartments in Mumbai, it would be almost impossible for you to get a premium location without paying an arm and a leg.
On the other hand, if you invest in the Upcoming Redevelopment Projects in Mumbai, you will get the opportunity to become the owner of an apartment that too in the premium locations of the city at a much lower price.
Compared to building a New House in Mumbai, getting an apartment in a redeveloped project is a more sustainable option. In the first case, the builder will have to find a new spot of land and build the apartment complex there. Such projects destroy the ecological balance and ruin the fertility of the surrounding lands.
The redeveloped budget friendly houses in Mumbai, on the other hand, is developed on land that already has some construction. It also ensures that more people can live in the same area by reconstructing other flats. It is a win-win situation.
After a thorough Redevelopment V/S New Residence comparison, it can be said that the latter option makes sure that the old residents, as well as the new ones, get more benefit from the project. That’s why it is attracting so much attention from the big Redevelopers Mumbai.