India, Oct. 13 -- In the lush green plot of the Life Insurance Corporation of India (LIC) colony in Borivali West, live its residents in desperate wait for the redevelopment of their houses, built over 50 years ago. They live on a 90-year lease, of which 50 years are over, and are worried about the next 40 years and beyond.

The current residents of the 46 ground-plus-three-storey buildings, occupying 1,535 flats, bought their homes through the LIC policy after the township was built around 1970 on over 75 acres. "When we bought the house, there was no one around here. The basic criteria to buy were to be an eligible LIC policyholder. We paid the cost of the house via the premium," said Badal Agarwal, secretary of the Jeeva Bhima Nagar re...