Purvarang Society at Mulund Sets An Example in Self-Redevelopment

user Admin
  • 12th Apr 2024
  • 1205
  • 0
Purvarang Society at Mulund Sets An Example in Self-Redevelopment
Never miss any update
Join our WhatsApp Channel

In an inspiring move driven by concerns of potential fraud, the Purvarang Society in Mulund, Mumbai, embraced self-redevelopment. This pioneering decision led to the demolition of their old building and the initiation of a new chapter with a grand groundbreaking ceremony. However, just as the project gained momentum, the onset of a nationwide lockdown due to the COVID-19 pandemic caused significant delays, stalling progress for nearly ten months due to shortages in construction materials.

Celebration Amid Challenges

Despite these hurdles, the members of Purvarang Society recently celebrated the annual anniversary of their project with tears of joy, marking a significant success: the sale of 62 flats without the aid of any agents. This milestone, achieved over a span of four and a half years, stands as a testament to the society's resilience and collective effort.

From Vision to Reality

Initiated in 2019, the self-redevelopment of Purvarang Society was the first of its kind in the state. Starting with comprehensive planning and demolition in December 2019, the society faced unforeseen delays due to the pandemic. Nonetheless, the 56-member community remained steadfast, managing every aspect of the project from blueprint preparation and legal clearances to material procurement and marketing. The collective effort of the members, who divided tasks based on their professional expertise and formed sub-committees for efficient management, was crucial.

A Joyous Outcome on Gudi Padwa

The fruition of their efforts was celebrated on Gudi Padwa when members received keys to their new homes, significantly larger than their previous flats. Secretary Milind Mahadik highlighted the unity and cooperation among the members as the key drivers of their success. Despite living in rented accommodations and facing financial constraints during the lockdown, the community's determination did not waver.

Financial Strategy and Future Plans

To fund the construction without external borrowing, the society leveraged relationships with relatives, persuading them to buy flats within the redevelopment. This strategy not only secured necessary funds through advance payments but also ensured the project's financial independence. The society's approach avoided major loans, maintaining a debt-free status throughout the project, a rare achievement noted among the 25 societies in Mumbai that have pursued self-redevelopment.

Setting a Precedent in Urban Living

The success of the Purvarang Society, especially without resorting to significant borrowing, has set a commendable example for other communities facing similar challenges. As noted by senior urban planning expert Chandrasekhar Prabhu, this model of self-reliance and community-driven redevelopment could inspire numerous other societies in Mumbai, where many redevelopment projects remain stalled due to various complications.


Related Topics / Tags

Admin

Author

Admin

...


Comments

Add Comment

No comments yet.

Add Your Comment

Relevant Blogs

General
PNB Housing Finance Targets Ambitious 17% Growth in FY25 Loan Portfolio

In a strategic move to enhance its financial services, PNB Housing Finance is setting its sights on a minimum 17% growth in its loan portfolio for FY2

General
MahaRERA Enforces Agent Certification Requirements, Urging Developers to Comply for Industry Integrity

Maharashtra Real Estate Regulatory Authority's New Mandate: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has intensified its regulator

General
Brookfield Eyes USD 10 Billion Investment to Boost Indian Real Estate Portfolio

Brookfield Asset Management, a leading global institutional investor, has outlined plans to invest over $10 billion in the Indian real estate sector w