Earlier, the project was delayed because Mhada had not released the recreation ground to the society.
With the financial and realty markets slowing down, the 600 flat owners of Mhada’s Middle Income Group (MIG) Colony in Bandra are jittery about their redevelopment projects. Three housing societies have asked their developers - Kalpataru Constructions, Rustomjee Developers, and Bombay Dyeing - to set a date for starting the redevelopment projects.
“It’s been a year since we reached an understanding with Bombay Dyeing, which is redeveloping the society with Larsen and Toubro. We have no news from them on when they will begin the construction,” said Ravi Shetty, chairman of MIG Group 1 Society, which has 176 members.
Earlier, the project was delayed because Mhada had not released the recreation ground to the society. “All the issues have been resolved and all we want now is for the redevelopment to begin,” Shetty said.
Ironically, the first society to initiate the redevelopment process, Group 2, is yet to sign its agreement with Kalpataru. Final development plans have just been submitted for the BMC’s approval. “Members feel the developer is showing less interest in the project now,” said Sharad Rungtha, secretary of Group 2. He added a deadline of May 31 had been set for the project to start.
Denying it has a financial crisis, S R Merchant, director of Kalpataru Constructions, said the company hopes to start the project in June. “It took us over a year to regularise the flats, get the land transferred in the society’s name, and remove the encroachments.
We have received the commencement certificate and hope to start work at the earliest,” he said.
Redevelopment work is on at Group 3 society, involving the Pune-based Suyog Developers. Group 5 members are still negotiating with Kalpataru and Group 6 is undecided about a redevelopment project.
At a meeting with the Group 4 society members last month, Rustomjee promoter Boman Irani had sought six weeks to put his finances in order. “We were surprised as he has tied up with a foreign equity fund for this redevelopment project,” said a society member. But the society members are confident that Rustomjee will honour its commitment.
Irani said the project was in the final stages of receiving government approvals and ruled out financial troubles. “Though the market dynamics have changed, we will not go back on our promise,” he said.
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