Two of Bandra East’s biggest societies to go into redevelopment

One of the largest cooperative societies in the area, Patrakar Nagar, spread over a two-acre plot and located across Rustomjee’s sprawling Seasons complex

A part of the quiet enclave of Bandra east near Kala Nagar is going for a major makeover. One of the largest cooperative societies in the area, Patrakar Nagar, spread over a two-acre plot and located across Rustomjee’s sprawling Seasons complex, has appointed a project management consultant to prepare a feasibility report and tender document for redevelopment.

K N Padmanabhan, chairman of the 53-year-old society, said they were going in for redevelopment as the buildings had started demanding constant repairs (Satish Bate/ Hindustan Times)

Eugene Paul, secretary of the Patrakar cooperative housing society, said Raymond Realty had already conducted a survey for potential redevelopment but that the society was also considering offers from other realtors like Mahindra Lifespaces, Larsen & Toubro and Raunak.

K N Padmanabhan, chairman of the 53-year-old society, said they were going in for redevelopment as the buildings had started demanding constant repairs. “Our maintenance expenditure was shooting up. Moreover, generation next wants bigger and modern homes with state-of-the-art amenities. The majority of our 82 members voted in favour of redevelopment,” he said. Patrakar is one of the cooperative societies on land which was allocated by the government in the 1960s for artists, journalists and architects. Artek Apartments, another sprawling colony of architects and technicians, adjacent to Patrakar Nagar, too will undergo redevelopment. The society recently entered into a redevelopment deal with Man Infraconstruction Limited, a listed company owned by Manan Shah.

D C Karnik, secretary, Artek cooperative housing society, said, “MICL offered us 44 per cent extra space plus a decent corpus per society member”. Sources, however, point out that the society opted for a bidder that had made a low offer. “Mahindra Lifespaces and Rustomjee Group were in the race but the managing committee did not get carried away with just extra space and huge transit rent considerations, which is a wise decision. Instead they opted for the MICL bid which was 10 per cent lower than the competitors” they explained. The company, a society member said is debt free and has a track record to delivering 16 projects in Mumbai before time.

According to Manan Shah, Managing Director, MICL, as per the agreement, the existing two buildings in Artek Society will be replaced by three 22-storeyed ultra luxury residential towers with mainly 3 BHK and 4 BHK apartments. “The lower floors will be occupied by the existing residents and the upper will be for sale. The property of each apartment will be in the range of ₹7 to 8 crore upwards”.

He added that the development deal includes a corpus of ₹9000 per sq ft (approx) per society member (inclusive of premiums to the Collectorate’s Office) and a transit rent of ₹85 per sq ft per member. “The company estimates a total revenue generation of ₹750 crore from the project and a profit of around 20 percent”, Shah added.

However, not everyone in the area is a fan of rampant redevelopment in the area. Sahitya Sahwas which has been home to some of the Mumbai’s most eminent litterateurs and is of the same vintage as the other two societies has, for now, closed itself to the idea of redevelopment. Its residents are divided over what constitutes ‘luxury living’. As one member puts it, speaking off-the-record: “I think we need to redefine ‘luxury’ for ourselves. For most of us, space, quiet and greenery is luxury and not the concrete jungles coming up in the neighbourhood. Why should we trade our peace for tall towers, gyms and swimming pools? The sounds of the koels; the sight of squirrels scampering in the garden is a privilege we enjoy. We would like the redevelopers to leave us alone.”

With new multi-storey towers mushrooming and trees being felled to facilitate them, many residents fear that Kala Nagar is fast becoming a concrete jungle with inadequate civic support. “Rustomjee has come up with six 22 storeyed towers just across the street. Has the BMC inspected and ensured that there is adequate water supply to the area?” asked one of the residents of Sahitya Sahwas. They pointed to a neighbouring plot which once had 178 flats and where the Ten BKC project is developing over 700 flats. “It’s like redevelopment gone crazy.”

Pankaj Kapoor, director, Liases Foras, a real estate research and rating firm, cautioned that the increasing density would put enormous pressure on the existing water supply and sanitation situation. “It’s a challenge that the BMC must take note of before granting permissions to redevelop,” he said.