Pune: Flatowners seldom ask questions regarding maintenance costs and a rise in property tax while opting for redevelopment, said S Laxminarayan, founder of a city-based startup Dreams Redeveloped.“We have observed seven- to eightfold increases in property tax and maintenance costs in a newly redeveloped society. But most flat owners do not think of these aspects while opting and then face the brunt of higher costs,” he said.Purshottam Raskar, a Karvenagar resident, said they had to rent a new flat and relocate to Singhgad Road because of high property tax.“Instead, homeowners ask about the optimum additional area they can negotiate in their queries. Drawing on stories of projects stuck in Mumbai, people also ask whether they will get possession in their lifetime. We also receive queries from homeowners asking will they be duped,” Laxminayaran said.The startup uses artificial intelligence, considers location and flat size, and sources data from IGR and Rera to answer homeowners’ queries about all aspects of redevelopment. It typically takes 16-17 seconds to answer via WhatsApp.Founded in 2020, the start-up also provides paid services such as feasibility reports, coordination in special general meetings of housing societies, finding the developer and analysis of development agreements.Nearly 400 housing societies have used their services. It has facilitated agreements between societies and developers for 40 projects and services for 2 self-redevelopment projects. Most of the projects it handles are located in Kothrud, as around 50% of the total 437 residential projects in the area are redevelopment projects.When asked about the main motivation of societies to opt for redevelopment, Laxminarayan said that it is more of a necessity for the occupants. “It has been a demand and supply game, which was why buildings with 20-30 years were actively going for redevelopment,” he said.“Many of the old societies in Kothrud were now surrounded by tall redeveloped buildings. They have lost intangible amenities such as cross-ventilation and access to natural light. Many families who have settled in the 80s have multiplied in size and want to live together, so redevelopment was the natural way to get some additional area,” said Prashant Bhave, a Kothrud resident, whose building was set to go for redevelopment.Despite significant activity in the redevelopment space in Pune, Laxminarayan said getting projects was about trust and word-of-mouth reputation that a particular developer would get the job done and deliver the flats to the existing members.
