Model to Predict Additional Usable Carpet Area in Building Redevelopment Projects of Housing Societies in Mumbai City

Abstract

Mumbai city is witnessing redevelopment of old buildings since decade and half due to space scarcity, particular geometry, geography and ever persisting demand of housing. Redevelopment is happening for public buildings, private buildings and also for buildings under housing societies. There are various constraints and considerations, multiple stake holders, changing polices, challenges at site. Hence, there are many determinants which directly or indirectly affect process of building redevelopment projects of housing societies. However, the additional usable carpet area which tenants are going to get when their building is undergoing redevelopment, is the key determinant governing not only the process, but also decision making done  by the stake holders. This additional carpet area is function of financial feasibility of project, which in turn is dependent on many factors like plot size, its geometry and location, market value prevailing in locality, Floor space Index (FSI) consumed and balance. Research study is carried out by interacting stake holders through semi-structured interviews and analysing valid responses of structured questionnaire using SPSS. Many determinants are found including additional usable carpet area to the tenants. Further using this key determinant, based on financial feasibility, mathematical model of area factor is developed. This model facilitates prediction of additional usable carpet area which tenants can get once their society building undergoes entire process of redevelopment. The model is also tested by adopting sensitivity analysis. This paper attempts to illustrate need and use of this model along with its limitations.