Afraid of Redevelopment? Bring Builder to Negotiating Table
7th December 2013, Mumbai: Nowadays, Mumbai looks like one massive construction site. With thousands of buildings at various stages of redevelopment, the gigantic bulldozer of commercial redevelopment is leaving a trail of financial casualties and collateral damage to thousands of citizens. The common man, government and judiciary are all turning a deaf ear to the suffering of thousands of families affected by redevelopment, because they are all in favour of “the majority”. With clever financial engineering, nice brochures and websites, and a pre-planned package of half-truths, builder firms convince thousands of financial illiterates about the attractiveness of their proposals. Flat owners and office bearers generally don’t know how to read a balance sheet, have no understanding of law, and cannot understand the various risks that they will be made to carry for several years. The beautiful dream of being rewarded with a new and larger house and lakhs of rupees as corpus fund mak...