With Focus On Real Estate And Doubling The Order Book, Solicis Lex Law Firm Bags 13 Major Redevelopment Projects Across Mumbai
LIVELAW NEWS NETWORK
31 July 2023 11:00 AM IST
"Half of Mumbai city has the potential for redevelopment" says Adv. Ameet Mehta, Managing Partner – M/s. Solicis Lex Advisory. He adds "Most of the construction in the city took place in 1970s and 1980s and hence literally, every fourth building in Mumbai is undergoing redevelopment”. The real estate space in undergoing sea change in the city with huge potential but with a risk of lot of inventory coming in market after year 2026.”
Rising costs and crunch for space in Mumbai makes it very difficult for tenants and society members to move out of old dilapidated buildings and step into a new home. Consequently, redevelopment of the old housing societies comes to a standstill in majority of the cases due to various impediments.
However, amidst the nomadic scenario, M/s. Solicis Lex Advisory has grappled many humongous redevelopment projects across Mumbai since they began operating from their additional, new, Juhu office. Recently approx. 14 tenders for redevelopment were out in a space of 2 months and were in form of RFQ. Hence new projects like Nutan Jeevan Chs Ltd (Kripa Nagar, Vile Parle West), Ram Krishna Nagar Chs Ltd (Juhu), Oshiwara Aster Chs Ltd, New Delight Chs Ltd (Andheri), Yogi Nagar Cluster redevelopment representing Ajmera Group’s (Yogi Dwar, Yogi Darpan, Yogi Deep, Yogi Darshan Chs Ltd), Juhu Sun and Sea Chs Ltd, Evershine II (Andheri West), Tapasya CHSL, Jai Vijay CHSL, Sane Guruji Nagar, etc. Big brand Developers such as Rustomjee, Rommell, Lodha Group, Kalpataru, Ajmera, Chandak have already bagged some of these projects.
“Real estate redevelopment projects in Mumbai have begun picking up pace in full swing again despite land scarcity being a huge challenge and hence developers are now focusing on societies” adds Adv. Yesha Shah, Senior Associate Advocate of M/s. Solicis Lex Advisory.
In other words, successful redevelopment calls for an exceptionally high level of co-operation amongst the society members and the developers.
Adv. Aditya Bhatt, Senior Partner at Solicis Lex, JVPD further added “Redevelopment in suburbs especially from Bandra to Juhu are typically on fragmented land parcels, despite which the major real estate players are picking up these projects up for their high value and branding”.
