Greed leads thousands of residents of Bharat Nagar slums to turn down lucrative offers from builders. Now, with the economic meltdown, they feel they may have missed the boat
Greed leads thousands of residents of Bharat Nagar slums to turn down lucrative offers from builders. Now, with the economic meltdown, they feel they may have missed the boat
GREED to earn more has probably played villain for thousands of residents of Bharat Nagar slums, which is situated in the heart of the commercial hub of Bandra Kurla Complex, Bandra East.
In August 2007, Sunday
MiD DAY reported how, in the wake of soaring property prices, it was raining crisp green moolah for approximately one lakh tenements, who were turning lakhpatis overnight. Developers were allegedly shelling out up to Rs 1.4 crore as a one-time settlement for dilapidated, 12x20 square feet huts.
While some took the lucrative offers, there is a vast majority who decided to wait and watch, hoping to get as much as Rs 4 crore per hut, plus other benefits like allotment ofu00a0 additional shops in the proposed redevelopment plans. In the wake of the recent global economic meltdown and declining property prices in the city, residents are now finding out they may have missed the bus.
Nassuridin Patwari, who is known as Disco Maulana in the area, and was offered over Rs 1.25 crore for his 18x10 hut blamed builders for creating the confusion. He alleged they were using a divide-and-rule policy and playing mind games with the residents.
"Vegetable vendors and gutter diggers, who did not know how many zeros there are in a crore, became kings overnight. Neighbours who saw their transformation wanted and expected even more, so decided to stay back. Now, the builder lobby is calling the shots and dictating its terms," said Patwari.
Another resident, 46-year-old Ahmed Idris runs a small time tailoring shop. He said that just three months ago, a private builder offered him Rs 1.2 crore for his 12x16 hut. "I was so sure of getting a better price that I did not show much interest. I did not know the scenario would change so drastically in such a short span of time. I am not sure how much I will get now."
Idris added that the same builder was reluctant to meet him now. "Ab sab baraf hogaya hai, humare area mein ek aadmi biryani kha raha hai, doosre ko sukhi roti bhi naseeb nahin (all pending deals are frozen. In our area, some are eating biryani, while others are denied even dry roti)," he said, sarcastically.
Similarly, another resident Noor Mohommed, who runs a garment workshop, said that he was offered Rs 1.6 crore by a builder for his 140 square foot property. But he was expecting to get something in the region of over Rs 2 crore for the same.
"I had even taken my property papers to submit to the builder but turned back halfway. I have to wait for the market condition to improve," said Idris.
Azizul Mallick, who runs a wholesale garment business, confesses that he too had thought of accepting Rs 1.6 crore for his 400 square foot gala. But when others around him convinced him not to do so, he agreed. Taking a different stand, his wife Meher stated that even in these difficult times, their property could easily fetch over Rs 2 crore.
"There are many like us who do not want to move out but want bigger and better houses in the same area. It's centrally located and has all the amenities, plus permanently shifting could also have repercussions on children's education," said Meher.
Mohommed Aiyaz, 45, another resident, confesses that he was paid Rs 11 lakh for his 10x12 hut much before the property prices soared in 2007 and had approached the court alleging that he was short-changed under the influence of liquor.
"I was once envious at the success stories of my neighbours who earned crores u00c3u00a2u00c2u0080u00c2u0094 now I find many sailing in the same boat as me," Aiyaz said.
Sounding confident, Mohommed Kaiser, chairman of a proposed housing complex which has 1,036 tenants, said that it was just a question of time that people who have given their plots for rehabilitation, rather than outright sale, would get their promised bigger and better flats, irrespective of the market condition.
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