Societies in Ahmedabad approach original builders for redevelopment work, Real Estate News, ET RealEstate

AHMEDABAD: Many of the trusted, veteran builders in the city are now redeveloping their own old schemes after decades.

Old societies looking for redevelopment have also been approaching the builders of the schemes.

Decades-old developer groups like Bakeri, Synthesis and Ami Corporation have received some proposals for redevelopment from their old societies.

While some projects have been finalized, talks are still on for some others. Ahmedabad has been witnessing an increase in redevelopment deals for the past couple of years, but the conversion ratio is very low. In such situations, the residents evaluate all available options including getting the scheme redeveloped by the original builder. Ajay Patel, director of Synthesis Group, said, “Our group had developed Suresha Apartments near Ishwar Bhuvan more than four decades ago.

The society with a plot size of around 5,000 sq yards has 46 apartments. The residents recently approached us and we are now redeveloping our own project. Around 90% of the residents are the original buyers to whom these apartments were sold.

Their next generations are calling the shots and we are now the second generation. We will construct 97 apartments of 4-BHK each as part of redevelopment.”

Similarly, Bakeri Group finalized the redevelopment of its old society in Ramdevnagar recently.

Pavan Bakeri, the director of Bakeri Group, said, “We had built the society some 33 years ago. We received an offer from the society residents for the redevelopment project. Nearly 80% of the residents are original buyers. They insisted that we carry out the redevelopment work. We will start the project soon.”

Also, Ami Corporation, which has developed about 60 projects in the last five decades, is close to finalizing two redevelopment deals of its own projects. “We are in the final stages of the redevelopment deals for two of our old apartment projects that were built around three decades ago. One project is located in Paldi while the other is in Gurukul. Lifestyle upgradation necessitates redevelopment of old spaces, and the residents are more comfortable with the original developer taking up the project,” said Dhruv Patel, director of Amir Corporation.

A property consultant said, “Trust and quality are the main factors in any redevelopment project and therefore, old societies usually approach the original developers for the makeover. However, many of the old developers are not active and some no longer work in the redevelopment space.”

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