MUMBAI: Swimming pool with jacuzzi. Fully equipped fitness centre. Steam and massage room. Eco-friendly rainwater harvesting system. Security systems like intruder alarms, CCTVs, and video door phones for every flat. Centralised AC with wall units in living and bedroom. Imported marble for the washbasin... And the intoxicating smell of new.
This is not a sales pitch for a Rs 20 crore apartment in a new
luxury
tower.
These are the incentives being dangled before middle and upper-middle-class
residents
living in old buildings in prime areas of Mumbai that are currently being redeveloped.
Across the city, in gyms and coffee shops, on promenades and public gardens, the talking point nowadays generally revolves around what the builder is offering from transit rents to
compensation
charges, extra
square feet
area, multi-crore corpus funds and a slew of luxury
facilities
. And Mumbai’s A-lister builders are chasing and enticing society members with most jaw-dropping deals.
At Breach Candy in south Mumbai, Miami
Apartments
, a 13-storey housing society that came up in the 1970s, recently signed a
redevelopment
deal with the developer, Rustomjee. The
building
will be torn down and replaced by a 40-storey luxury tower. The first habitable floor in the new building will start from the 11th floor.
Each family, that currently occupies about 2,000 sq ft apartments, will receive a brand-new flat which will have roughly 17% more area. And a further largesse of between Rs 30 lakh and Rs 40 lakh as corpus for every society member. After rehabilitating the families in the new tower, the developer will get to build nine extra floors in the free sale component where current property rates in the area could be over Rs 1 lakh a sq ft.
In Bandra (west) near Mount Mary, Sea Breeze society signed a redevelopment deal with Sunteck Realty. Flat owners here will receive 50% more space in the new building. Sea Breeze currently has 16 members occupying a ground-plus six-floor structure. Members occupy flats whose areas range between 1,500 and 2,000 sq ft (carpet). Corpus for the members is calculated at the rate of Rs 3,000 per sq ft (Rs 45 lakh to Rs 60 lakh) of their existing carpet area.
The new Sea Breeze building is expected to be 16 floors with an estimated 38 flats.
About 3km away, the upmarket residential enclave of Pali Hill, once dotted with bungalows, is now turning into a neighbourhood of high rise buildings.
Daffodils Society, a 40-year-old building having seven floors and 42 flats, is being redeveloped by Prestige Estates. Old flats measured from 886 sq ft to 1,500 sq ft, but members will now move into apartments with 36% extra space. The developer will pay each flat owner Rs 8,000 a sq ft, totalling over Rs 21 crore as corpus fund.
Among the new facilities will be a swimming pool, health club and party hall, and bedrooms furnished with a wardrobe.
“If on account of planning constraints, the carpet area of any new flat allotted to the existing resident is less than the area mentioned in the allocation chart, the developer will compensate the flat owner at the rate of Rs 90,000 a sq ft of the reduced carpet area. If the area is more, then the owner pays the builder at the rate of Rs 81,000 a sq ft,’’ said the Daffodils agreement with the developer.
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