10 December,2010 06:53 AM IST | | Ranjeet Jadhav
Builders luring SVP Nagar residents in Andheri facing BMC's bulldozer with package of hard cash, Rs 25k rentals and new 2 BHK flats to ink redevelopment deal
Realising that the BMC is serious to see through its intent of tearing down illegal structures in Andheri's Sardar Vallabhbhai Patel (SVP) Nagar, residents of affected buildings are holding late night meetings with builders to clinch redevelopment deals and the offers they are getting are enough to turn their gloom into glee.
Francis Caszo, a private tutor, with his family at his home at SVP Nagar in Andheri. Caszo plans to spend the amount he would get from the builder towards the education of his sons
A committee member from one of the 98 societies facing the BMC's bulldozer, each housing 31 tenants, told
MiD DAY that builders are approaching them with lucrative offers (see box), transforming the doom of demolition into the dazzle of money for their 3,000 residents.
A builder who did not wish to be named said, "The tenants have nothing to lose and everything to gain. They are getting lucrative offers from builders."
The package includes a new flat for the residents, which is more than twice the size of the flat the residents currently stay in, additional financial compensation up to Rs 6.5 lakh, and rent and brokerage for the temporary lodging of tenants who would be moved out for the duration of the redevelopment, which may take around 36 months.
Add to that, things like deposit for the rented flats and bank security to the society, which is as high as Rs 7 crore.
Dilip Shinde, a tenant from one of the societies that has negotiated a deal, said, "To avoid demolition, we decided to go in for redevelopment.
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I had never thought I would get Rs 25,000 as monthly rent for my house. The total financial compensation is working out up to Rs 16 lakh. I think the redevelopment process has come as a benefit to people staying in SVP Nagar."
The buildings that would come up in SVP Nagar following the redevelopment process will be 18 to 25 storeys tall.
The offers are so tempting, say sources, that within 48 hours of the first demolition, around 10 societies signed redevelopment agreements with builders, and some 30 to 40 societies would follow suit in the coming days.
Anil Singh, project head of real estate development firm HDIL (Mumbai), said, "A total of 24 societies have officially entered into redevelopment agreements with HDIL and 12 more are in talks with us.
Our company has already filed a plea in the Bombay High Court to stop the demolition at SVP Nagar and give residents six months to move out."
Average family
To get a picture of an average family residing in the buildings in SVP Nagar, MiD DAY spoke to Francis Caszo.
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"The monthly rent along with the added benefits I would get from the builder is more than my joint family's income.
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I'll use the amount for my sons' education," said Caszo, who is a private tutor. His wife works for an IT firm and their monthly income is around Rs 40,000.
Redevelopment package
Current size: 320 sq ft
After redevelopment: 775 sq ft
Compensation: Rs 5.5 lakh
Monthly rent: Rs 30,000
Deposit: Rs 3 lakh
Bank guarantee: Rs 7 crore
Rs 5.5 lakh
Average compensation offered by builders to SVP Nagar residents
98
Number of societies in SVP Nagar
Attractive Offers
Some of the developers who have made bids to residents of SVP Nagar housing societies under the BMC's bulldozer are: HDIL, Orbit Heights Private Limited, Paranjpe Schemes, SD Corporation, V3ibiz.
Tenants staying in ground-plus-one MHADA structures in SVP Nagar were served notices by BMC a few days ago asking them to demolish the illegal parts of the existing structure by December 8, 2010, or face action.
But the residents ignored the notice thinking it was just a scare. After seeing that the BMC did indeed raze structures at one of the 98 societies, however, residents were jostled into frenetic activity.
