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Prime Santa Cruz Property is a Safe Bet for Developer

Santa Cruz colonyThe redevelopment of Khira Nagar, built in 1976, will result in a windfall for the developer because of its prime location. The Santa Cruz colony is within 3 km from the domestic airport and just 500 metres from the Western Express Highway. It lies on Main S V Road, one of the city's busiest thoroughfares, and is a short distance from Linking Road, Bandra.

"It is considered to be one of the best properties in terms of visibility, accessibility and catchments, since it is well connected to the arteries of the city," said an official from the Pune-based construction firm Kumar Urban Development Limited (KUL).

Bharatiya Bhavan Cooperative Housing SocietyThough the look of the colony will substantially change, the skyline will not be affected much: the area has a height limit of 27 metres because it is close to the domestic airport.

From 2006-07, many housing societies in the suburbs started to receive phenomenal offers from developers. While some builders gave handsome payouts to residents to move them out permanently, others housed them in new and larger flats in redeveloped properties. Last year, residents of Bharatiya Bhavan Cooperative Housing Society, which is located at the corner of 17th Road in Khar (West), received Rs 4.5 crore to Rs 5.5 crore per flat from Parinee Developers, which plans to redevelop the property.

But many deals failed to take off because of two reasons: either the residents, becoming greedy, kept on demanding more from the developers or the builders backtracked when the property market slowed down two years ago.

Last April 2010, TOI reported how a developer left residents of Sangam Cooperative Housing Society in Santa Cruz high and dry after entering into an agreement with them. After demolishing their building, the developer asked them to accept only 10% additional space in the reconstructed property against 26% signed in the agreement. Recently, the parties reached an amicable solution.

Source: 12th March 2011, TOI

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