ET Wealth | How to protect your home, money
In 2010, two Mumbai housing societies initiated redevelopment projects simultaneously. Jeevan Nagar Cooperative Housing Society in Mulund, a community of 27 tenements housing over 270 families, underwent a transformation. Promised brand new towers with 50% higher carpet area and a clubhouse within four years, the project faced mismanagement and delays.
For three years, approvals stalled, work began in 2013 but halted due to a cash crunch, and residents vacated the unsafe premises. Despite a RERA complaint, the site remains unfinished, leaving a third of the work completed. Former resident Sai Prakash, who inherited his ancestral home, now rents it out.
Juhu Anamika Housing Society in Juhu also faced a similar situation. The 2010 demolition of their building, with promises of homes in a 16-storey tower within 37 months, led to stalling work and rent stoppage after the builder sought termination. The Covid pandemic and installation of a new radar station further complicated matters. Despite the builder offering a higher carpet area, residents remained uncertain about their future.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
