'Shootout at Lokhandwala' building to go

Bella Jaisinghani / TNN / Apr 15, 2008, 04:42 IST

Text Size

Small
Medium
Large

The four-storeyed Swati building in Lokhandwala Complex is likely to be the first society in Lokhandwala Complex to sign a deal for redevelopment.

'Shootout at Lokhandwala' building to go

MUMBAI: The little black spot against its name will be erased for ever. The four-storeyed Swati building in Lokhandwala Complex, the site of the infamous shootout of November 1991, has achieved a rare milestone. It is likely to be the first society in Lokhandwala Complex to sign a deal for redevelopment.
In a special general body meeting held recently, a majority of the 172 members of the society selected Pune's
Kumar Builders for the project.Kumar was among the 29 construction firms that evinced interest in redeveloping the four buildings comprising Unit No 5 in Samarth Nagar Society, namely Swati, Rohini, Ashwini and Aditi.
Shailesh Hingarh, director of Kumar Builders, confirms that the Swati deal is closed. "We hope to start work in the next three months and complete the project within 22 months," he says. Kumar is also negotiating with some other societies in the neighbourhood, though this is the first deal to be finalised.

Most of the buildings in Lokhandwala Complex came up in 1984-85. Apart from the upmarket Lokhandwala and Hiranandani Constructions, nearly all 48 societies in the middle-income Samarth Nagar, where Swati is located, are being flooded with offers for redevelopment. Residents say the closure of the Swati deal will give others the impetus to go forward.
Estimated to cost Rs 100 crore, the project involves constructing two 20-storey towers in the front portion of the compound. "Residents of the four buildings will be rehabilitated in these towers," says society secretary Liladhar Latye. "The residential apartments that will come up in the rear portion will be sold to private parties by the builder."

No cash compensation is being offered, although each resident will receive an additional area of 29% over his/her existing property. This translates into one additional room measuring around 115 sq ft. The 172 flats comprising Unit No 5 range from one-room apartments to 2-BHK flats, and the area varies from 300 sq ft to 750 sq ft.
Anil Ahuja, who runs a video equipment business in the ground-floor flat where the shootout occurred, was among the first to give his consent. He says, "One must remember that the society came up in the 1980s, during the cement shortage. Its foundations are weak and leakage problems persist despite the repairs undertaken a few years ago."
However, 14 residents of the society have opposed the project, alleging that the committee has shortchanged residents. "Given the rise in FSI, we can still negotiate a better deal," says Dr Ashish Gandhi who owns a clinic on the ground floor.
"The buildings are not in such a poor shape as the managing committee would have you believe. Moreover, even if we are rehoused in tall towers, what is the guarantee that we will not face seepage problems there?" asks Dr Gandhi.
Builder Hingarh countered the argument saying he offered a three-year warranty against waterproofing defects.
The middle-class residents of the unit are also afraid of being displaced should the project be stalled. By way of assurance, the builder has given them the option of staying put in the society while he constructs the first tower and rehabilitates a few residents, or accept a monthly rent of Rs 30 per sq ft to move elsewhere while the construction is under way.
Whichever they choose, they have paved the way for Lokhandwala Complex to receive its second round of highrise buildings.
[email protected]

End of Article