REDEVELOPMENT: NEED FOR THE HOUR

Real estate redevelopment in India refers to the process of renovating or reconstructing existing properties, usually older buildings or dilapidated structures, to enhance their value and functionality. This practice has gained significant momentum in urban areas due to increasing population density, infrastructure demands, and the scarcity of available land for new construction.

Redevelopment initiatives offer developers numerous benefits, particularly the absence of initial land acquisition costs, rendering them highly lucrative ventures. Furthermore, the adoption of the Unified Development Control Promotion Regulations (UDCPR) by the Maharashtra Government serves to augment the appeal of such projects by providing developers with added advantages.