In a significant development, Buta Nivas, a historic chawl complex nestled in the heart of Matunga and dating back to the British era, is on the brink of a remarkable transformation. The landmark complex, which has stood witness to decades of change, is poised to undergo redevelopment, promising a new chapter in its storied history.
Historical Significance
A major breakthrough came with the announcement of a deal struck between the landlords, the Butas, and Happy Home developers, led by the reputable Naresh Chheda. This agreement, backed by an impressive 80% majority of the 159 tenants, marks a crucial step forward in the ambitious redevelopment plans for Buta Nivas.
Situated along the bustling Babasaheb Ambedkar Road, Buta Nivas enjoys a prime location, conveniently located within walking distance of Matunga railway station and the scenic Maheshwari Udyan. Its strategic positioning adds further allure to the impending redevelopment project. Adding to the intrigue surrounding Buta Nivas is its historical significance. The neighboring Sriji Niketan building, slated for simultaneous redevelopment, shares a slice of history with Buta Nivas, having once been the childhood home of renowned actress Vidya Sinha.
Structural Details
Comprising three two-storeyed buildings sprawled across a generous plot measuring approximately 3,600 sq mtrs, Buta Nivas offers a glimpse into the past with its modest dwellings. Each tenement in buildings one and two spans approximately 275 sq ft, while those in building number three measure 300 sq ft. However, with the forthcoming redevelopment, tenants can anticipate a substantial upgrade to spacious self-contained flats spanning 500 sq ft each. The redevelopment project holds significant economic implications, with the prevailing rate for residential properties in the area averaging around Rs 70,000 per sq ft. This underscores the lucrative nature of the venture, with stakeholders eyeing substantial returns on investment upon completion.
Progress Beyond Buta Nivas
Beyond the confines of Buta Nivas, Matunga's landscape is witnessing a flurry of redevelopment activities. Goshar Alliance is nearing completion of a major project at Shanti Niketan, while Godrej Properties embarks on a substantial endeavor at Agarwal Nagar. However, neighboring structures like Kapol Niwas and Ganesh Baug await the commencement of their own redevelopment journeys. In a separate development, residents of Ratilal Mansion, a cessed building in Girgaum, have sought recourse through the legal system. With plans to pursue redevelopment through Vardhman Group Realbuild LLP (VGRL), the residents aim to revitalize their living space after a decade-long stalemate. The Bombay High Court has intervened following a petition by 44 displaced tenants, shedding light on the challenges faced by those residing in stalled redevelopment projects.
Share
Tweet
