Many buildings in the capital city of Panaji might be in need of redevelopment as these structures may not be in very good condition, especially as most of them are 50 years or older and thus in need of redevelopment. However, considering that several matters as regards reconstruction of the same have to be addressed, it is essential that a master plan be devised so that the residents of these structures that are due for redevelopment are given the best deal and thus a smooth and fair and equitable frame work can be planned keeping in view the interests of the residents who are giving their prime locations many of which are in the segment of commercial locations.

 

I am a resident of Dona Paula and every day on my trips to the city, I have to pass by a residential colony in Caranzalem which is being redeveloped by a real estate company and this particular company has given this residential colony residents a very good deal which includes redeveloped flats at no extra cost as well as alternate accommodation during the pendency of reconstruction activities. Considering this as a model for other builders to incorporate, it may be a win-win situation for the residents as well as the builders, who can benefit and thus contribute to a face lift as well as secure housing in the city without being a burden to either party.

 

Since the floor area ratio being now allowed allows the builder to build to make a decent profit and even if the area of the plot is small, but with the FAR allowing for vertical increase in the number of floors that can be redeveloped, the builder seems to have a distinct advantage and thus should not put the burden on the residents who are parting with their valuable land that in the city of Panaji as greater valuation which thus puts the builders in a greater position to earn a decent amount.

 

Standards on quality of construction and usage of steel and cement in particular as well as other construction materials can be devised so that constructions have a standard quality and may be acceptable to both the incumbent residents as well as the builders. Since the number of buildings in the city that may come for redevelopment are many, the builders could benefit from the volume of business that they stand to consider for redevelopment and thus not put pressure on the finances of the residents.

 

It may be also stressed that considering that Panaji is a city that has most roads fairly narrow and thus that could become the target of excessive traffic congestion, that undue pressure on the traffic should not occur as an after effect of redevelopment of buildings which will result in the increase of the carrying capacity of the population in the city.

 

It has been observed that certain real estate companies are resorting to unacceptable terms and conditions as far as cost of reconstruction of the old buildings are concerned, which should not be the essence of redevelopment because this process should be of mutual benefit and thus inadvertent profiteering should not be the basis for reconstruction of the old buildings. If a rational and prudent mechanism is devised so that undue financial burden is not put on the residents of old city buildings, aspiring redeveloping real estate companies will stand to make a decent buck as well as to gain the confidence of the city dwellers by restricting their bottom lines while not also suffering from making a lucrative deal.

 

A fair and equitable agreement by the residents and the real estate companies have to be reached. Panaji is the capital city and mostly being a commercial hub, the real estate companies stand to benefit from business generated from that portion of the constructed new building that will be able to accrue lucrative offers after settling the residents of new buildings. It is unlikely with the FAR now allowed that a common frame work will not be able to be arrived at.