Tip from expert: Don’t be greedy

Ref: TOI Dt: 22/06/2010

Mumbai: The Bharatiya Bhavan CGHS In Khar(West) Has Been On The Block For The Past Four Years, In 2007, TOI Was The First To Report That The Society Ad Invited Sealed Bids From Various Developers And That A Navi Mumbai-Based Builder, APA, Had Offered Rs 180 Crore To The Society. There Were Several Other Leading Builders In The Fray, Including Tata Housing, Wadhwa Group, Naman Developers And Acme.

            However, The Builder Subsequently Withdrew The Offer Due To Recession And Also Because Of Infighting Between Two Groups Of Flat Owners. Some Residents Thought That APA’s Offer Was Not Enough. The Fight Culminated In A Legal Battle – Parinee Developer Now Claims It Has Helped Resolve The Issue Between The Two Groups.

            In 2006-07, A Slew Of Housing Societies In The Suburbs Had Received Phenomenal Offers From Developers If They Agreed To Redevelop Their Properties. While Some Builders Wanted Flat Owners To Move Out Permanently By Paying Them Off Handsomely, Others Agreed To Re-house Them In New And Larger Flats In The Redeveloped Property.

            However, Many Of These Deals Failed To Take Off Because Either Residents Became Too Greedy And Kept On Demanding More From The Developers Or The Builders Themselves Backtracked When The Property Market Slowed Down Two Years Ago. Sprawling Housing Colonies Like Nutan Nagar Near The Bandra (W) Station And Khira Nagar In Santa Cruz Got Stuck After Getting Offers Running Into Hundreds Of Crores. In 2007, Khira Nagar Housing Society Entered Into Agreement With The Pune-Based Kumar Developers For A Reported Rs 900 Crore For The 640 Flats In 16 Buildings. But The Project Never Took Off.

            Last April, TOI Reported About How A Developer Left Residents Of Sangam Housing Society (Santa Cruz) High And Dry After Entering Into An Agreement With Them. After Demolishing Their Building, The Developer Suddenly Turned Around And Asked The Residents To Accept Only 10% Additional Space In The Reconstructed Property As Against The 26% Extra Space Signed In The Agreement. The Residents And Developer Are Believed To Have Reached An Amicable Solution Recently.

            A Real Estate Expert Has A Word Of Advice For Housing Society Residents, “Don’t Get Greedy. Stick To Only Prominent Developers Who Have Delivered In The Past.” The Expert Further Said Some Unknown Builders In The Past Had Offered Astronomical Prices To Housing Societies, Even Outbidding The Big Guns In The Industry. These Shady Builders Are Just Fronts For Some Politicians Who Want To Roll Their Black Money In Real Estate. Housing Societies Should Stay Miles Away From Such Builders, He Warned.