Mumbai real estate: Should you buy an apartment in an old building set for redevelopment?

Mumbai and Pune redevelopment allows buyers to purchase an older flat at a lower price and receive a larger apartment after redevelopment.

Shirish Tandel considered a 500 sq ft 1 BHK in Pune priced at ₹ 92 lakh, slated for redevelopment to a 745 sq ft 2 BHK, with option to buy additional space for a nearly 1,000 sq ft 3 BHK for about ₹ 1.2 crore total.

The trade-off is a three- to five-year wait for possession, during which the developer pays monthly rent to homeowners.

Experts caution homebuyers to be careful when buying into buildings slated for redevelopment.

Redevelopment is accelerating in cities like Mumbai and Pune, with more buyers choosing ageing housing societies over new projects.