Redevelopment in Real estate: A tool for efficient land use and Densification
The urban population is increasing with rapid urbanization leads for increasing housing demand in urban area. To cater the housing need more residential zone can be introduce but on other side lots of old residential units/buildings are there which are in structurally deteriorated and needs serious attention. Also, such old stock acquired more land because of old bylaws and less FSI/FAR. Different Cities and states have redevelopment policy to overcome problem of unsafe housing stocks as well as to solve the scarcity of land for residential use. One should understand that the old residential buildings are occupied and has its own land titles. While making such policy government should try to balance between rights of occupiers and safety. To achieve the goal certain terms and conditions as well as procedures are introduced in Redevelopment Policy by government. It is necessary to review critically such policy as case study for making efficient and transparent Redevelopment Policy in future and suggesting critical points for implementing such policy. Occupiers, Developers, new purchasers, govt. officials, revenue lawyers, Tax consultants are stack holders in the process whose perspective are important to know for the policy.