Adajan Private Redevelopment Project

Housing Project Studio is focused on the development of brownfield/greenfield sites. The objective is to explore the possible development opportunities for the land and understand the process with the help of micro-market trends and analysis and finding the best and the most efficient use by using various policies applicable on the sites and also checking if the project is financially viable or not. This is a private redevelopment project in Adajan, located in the western part of Surat city, abutting 45m road which is a State Highway of Gujarat. The applicable policy on the site is Gujarat Flat ownership rules, 2019 for the redevelopment of private cooperative societies, but these are just guidelines, rules, and procedures provided which are needed to be followed for redevelopment. The final process followed for redevelopment will be according to the negotiations between the residents and the developer. The site has 6 private cooperative housing societies and consists of various typologies like rowhouses, bungalows, apartments, and Commercial spaces. The demand for redevelopment is different for each cooperative housing society. Their demand is in terms of extra carpet area, amenities, and some gift money. For the household who are not interested in redevelopment, their unit will be bought by the developer at a price a little higher than the market rate. For the people who opt for redevelopment, they will be provided with the transit accommodation rent till their unit is ready. Considering the requirements and demand for the existing resident's Product mix was formulated along with different iteration of phasing. The project was found to be financially viable, with the initial investment required at 204 Cr with an IRR of 24% and the break-even point in 2nd year Quarter 4.