Indian Real Estate Forum - www.indianrealestateforum.com - View Single Post - issues in big resi complexes after 30-40 years???

abk · 24-01-10

I am starting this thread as one of my relative who owns an apartment in a very old complex consisting of 70 flats.the problem is that the superstructure is no longer deemed to be safe for human habitation,many of the owners are desirous of either selling the whole complex(land value) or build a new one.

the problem is that about 25 owners are not end users/have alternate homes/or investors/do not have the means etc and do not want or care about either disposing nor rebuilding.

so even though many are willng they are not able to come to a conclusion and my poor relative has no other property and wants to rebuild this one or dispose this and buy another.

this prompted me to conclude that it is better to buy flats in smaller buildings with say less than 12-24 homes or the UDS is demarcated block wise(which is not possible in high rise.
i understand that this could happen in smaller communities too but the probability of convincing few would be easier than say a community of 100 plus owners.

your investment is totally blocked and virtually you are owning a worthless asset.

pls post your opinions.concentrate on the investment perspective and desist from posting advantages of big community living.

24-01-10	#1
abk Senior Member Join Date: Dec 2008 Posts: 615 Thanks: 0 Thanked 0 Times in 0 Posts	issues in big resi complexes after 30-40 years??? I am starting this thread as one of my relative who owns an apartment in a very old complex consisting of 70 flats.the problem is that the superstructure is no longer deemed to be safe for human habitation,many of the owners are desirous of either selling the whole complex(land value) or build a new one. the problem is that about 25 owners are not end users/have alternate homes/or investors/do not have the means etc and do not want or care about either disposing nor rebuilding. so even though many are willng they are not able to come to a conclusion and my poor relative has no other property and wants to rebuild this one or dispose this and buy another. this prompted me to conclude that it is better to buy flats in smaller buildings with say less than 12-24 homes or the UDS is demarcated block wise(which is not possible in high rise. i understand that this could happen in smaller communities too but the probability of convincing few would be easier than say a community of 100 plus owners. your investment is totally blocked and virtually you are owning a worthless asset. pls post your opinions.concentrate on the investment perspective and desist from posting advantages of big community living.