The 87 -year -old bungalow, located in the suburbs of Tony Bandra in Mumbai, is about to go through man and mark the historical first in this area.
While the cooperative housing companies that have decided on self -employment are not unusual, the Pereira family, which is the owners of the property, decided to get their ten -year dwelling rebuilt into the multipurpose tower, funded by them, Hindustan Times informed them.
Owners plan to occupy the first four floors and sell the rest of the available floors to the buyer.
Why do they want to rebuild property?
In 1975, Vivian Pereira and his wife, Myra Pereira, moved to a bungalow called “Victoria Cottage”. The property is part of the larger cooperative society of St. Sebastian Homes, which has 110 land.
“Over the past 20 years, several builders with offers have come to us, but we have never given the idea of the rebuilders because it has never been a priority for the family,” Mark Pereira, Mark Pereira, shared Pereir’s son.
Only in 2018 the family began to consider the reconstruction of their cottage. During this time, the state government also introduced a system of self -evidence that would encourage the practice in Mumbai.
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Pereiras began discussing a project with developers in 2019, but always hit the blind end. “It was only in 2021, we were seriously about self -country,” Myra Pereira said.
In 2024, the family participated in a seminar of reconstruction and was convinced to reconstruct their land with an area of 5,167 square feet in a 14 -storey building with a total area of 21,000 square feet.
Pereiras will move from their residence on the ground floor to the first four floors and the remaining flats will be sold in the open market.
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“In the first round we intend to sell flats to our relatives at a discounted price. Then it will continue to be on the market on the market according to the Cooperative Housing Society ST Sebastian Homes,” said Mark Pereira.
The distribution of the project
Currently, the cottage contains two bedrooms, hall, dining room and kitchen, the report said.
The current project plan includes two parking towers, two basement floors and 14 residential floors. Each floor will have two apartments 2Bhk (bedroom, hall, kitchen) with three balconies.
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As Hindustan Times states, newly built apartments will have intelligent domestic technology and the company will have a rainwater collection system, wastewater treatment plant, solar energy, electric vehicle charging station and other equipment. These devices can also be adapted to human requirements.
Project financing
The construction costs of the project will vary depending on the position of the area. The apartments will be built on building costs £4 500 per square ft and staircase area to £2 200 per square ft. Each apartment will be built in an area of 875 square feet and 909 square feet.
Pereiras will personally invest 10% of costs to finance the project and borrow the rest of the bank.
By 2026, the family will have to release the property and in the next two and a half years the construction will transform its Victoria Cottage into a multiple company Victoria Cooperative housing, according to the report.
(Tagstotranslate) Bandra bungalow
