Residents of Chitra Cooperative Housing Society in Chembur celebrated paying off an INR 20 crore bank loan after independently redeveloping their building themselves. They completed construction faster and at a higher quality than offered by private builders. Originally consisting of 12 flats averaging 450 sqft each, the new 19-story tower designed by T Khareghat contains 56 flats, with each member receiving 1,150 sqft generating significant rental income. They repaid the loan within 6 months of moving in, setting an example for other housing societies undertaking redevelopment. The event was attended by housing activist Chandrashekhar Prabhu and MLA Bacchu Kadu, who was interested in understanding their novel self-redevelopment model.
Last week, residents of Chitra Cooperative Housing Society in Chembur celebrated paying off a INR 20 crore bank loan after completing the redevelopment of their building themselves. Chitra is one of many societies in Mumbai that opted not to partner with private developers and instead redeveloped independently with consultants, architects, and contractors.
Housing activist Chandrashekhar Prabhu, who led the self-redevelopment movement, distributed share certificates that were previously used as collateral for the bank loan back to society members. Bacchu Kadu, MLA from Amravati, attended to understand the self-redevelopment process and pledged to raise the issue in the state legislature.
Prabhu noted this society achieved several firsts - completing high-quality construction faster than any other and repaying loans within six months of moving in. They also provided greater additional area to members than any other redevelopment project offered by developers. Originally with 450 sqft flats, members now have 1,150 sqft each, generating INR 40,000-60,000 monthly in rent from the extra space. The new tower has 56 flats compared to the original 12.
Secretary Krishnakant Kadam said high-quality materials and specifications were used without cutting corners, and the project was finished within 24 months. The original 3-story building was replaced with a brand new 19-story tower designed by architect T Khareghat. Kadam said most societies struggle with bank loan EMIs, but they cleared their debt remarkably fast to set an example.
Last April, residents of Purvarang Cooperative Housing Society in Mulund (East) celebrated the completion of their self-redeveloped 23- storey tower. That was the first self-redevelopment project in Maharashtra where residents did not avail of any bank loan, external funds nor involved a developer to build the 23-storey tower. Purvarang society members once occupied tiny 390-sq-ft flats. Recently, each family received a symbolic key to their new spacious 3BHK apartment (1,015 sq ft).
Chitra Cooperative Housing Society's highly successful independent redevelopment model demonstrates the benefits self-reliance can provide housing societies over partnering with private developers. Their example of fast-tracked, high-quality construction sets a new standard for other Mumbai societies to follow. With support from the government on approvals and financing, many more communities may be empowered to redevelop on their own terms.
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