Friday, January 12, 2007

Mumbai : Khar co-op hits 180 cr jackpot, wants more

Nauzer Bharucha | TNN

Mumbai: Middle-class residents of housing societies in Bandra, Khar and Santa Cruz are turning into crorepatis. Builders, flush with funds, are scrambling to offer them astronomical amounts in exchange for redeveloping their properties and converting them into residential towers and malls.
And if you thought Khira Nagar in Santa Cruz would be the mother of all redevelopment deals (the developer here is offering each flat owner over Rs 1.50 crore to move out), wait until you hear the mind-boggling figures being doled out to members of a tranquil housing society near the landmark Khar Gymkhana.
Tucked away in a corner of 17th Road, Khar (west), the Bharatiya Bhavan Cooperative Housing Society finds itself sitting on a gold mine—a Navi Mumbaibased builder has upset the calculations of leading developers by offering Rs 180 crore to the society, which works out to an average of a whopping Rs 4.87 crore for each of the 37 flat owners.
The society comprising six buildings—ground plus two floors—is spread over an acre with ample open spaces and car parking. There are just 37 flats, each between 650 and 850 sq ft in size.Each occupant could get a minimum of Rs 3.5 crore, going up to Rs 5 crore, to move out permanently. Members of Khar society hold out for Rs 20 cr more
Mumbai: In a stunning redevelopment offer, a Navi Mumbai-based builder has approached the Bharatiya Bhavan Cooperative Housing Society in Khar with a Rs 180 crore deal—about Rs 4.87 crore for each of the 37 flat owners. The residents who wish to stay back will be rehoused in the new buildings.
But are the residents biting the bait? Although residents were tight-lipped when contacted by TOI, market sources observed that the society was not yet ready to accept the offer made by the little-known Navi Mumbai developer known by the initials APA. “They are still not satisfied with this unusually high offer and are expecting an amount in the range of Rs 200 crore,’’ said a builder, who made an unsuccessful bid for the property. TOI has learnt that other developers in the fray included Tata Housing (Rs 179 crore), Wadhwa Developers (Rs 130 crore), Naman Developers and Acme Housing.
The society had invited sealed bids from various developers last year. “The successful bidder shall make full payment within 30 days of written acceptance of his bid. Else, his bid will be disqualified. Members of the society shall be given a period of 120 days to arrange for alternate accommodation and vacate the premises after the successful bid is accepted and full payment made,’’ stated the bid document.
Said local BJP corporator Ashish Shelar, “Residents of Bharatiya Bhavan felt that since their families have grown and the size of their flats are inadequate, it would be a better option to move out and buy a bigger place elsewhere.’’ The society, which is about three decades old and has well-maintained buildings, has not consumed its entire floor space index.
In recent months, there has been a rash of redevelopment proposals involving housing societies. The MIG colony in Bandra (east) and Worli is already on the block.
A cluster of Mhada tenements at Tata Colony in the Bandra Kurla Complex is also expected to undergo a makeover with a builder, M K Enterprises, offering each tenant up to Rs 80 lakh to move out. Each tenement comprises a room. The developer plans to construct a residential and commercial complex on the four-acre plot.

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