An Explainer: Redevelopment
Redevelopment is construction on a property that is already in use.
The word redevelopment is also used to describe a piece of property being developed when they are not already in use, if it was in use at some point in the past.
For example, if an unused mill is being redeveloped to construct a mixed-use project, this would be considered redevelopment. When a three-floor house is converted into a much taller residential complex, it, too, is redevelopment. Such redevelopment often happens when regulations allow denser development because this makes greater floor space available. If a house in the heart of a city is converted into a commercial enterprise or a store, this would be considered as redevelopment, too.
State governments, municipal corporations and other development authorities and private organisations also engage in large-scale redevelopment projects. For instance, slums in Mumbai are redeveloped to build luxury houses, with small apartment provided to existing slum dwellers for free, or at a low price. The Delhi Development authority, for example, wants to redevelop societies because many buildings in the city are in a dilapidated state.
Check out PropGuide's comprehensive guide to real estate terms here.
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