India, April 25 -- When 87-year-old Jayantilal Thakkar's (name changed) old building in South Mumbai was undergoing redevelopment, the developer indicated a three-year timeline for completion. For Thakkar, however, the uncertainty of timelines and his advancing age made waiting an unattractive option. Unsure whether he would be around to see the project through, he chose to sell his apartment rather than move into temporary accommodation.

"I am currently in the negotiation stage with homeowners of an old building in South Mumbai. However, one 87-year-old senior citizen, the sole member of his family, has informed our team that he does not wish to wait for redevelopment and would prefer to sell his apartment. We are therefore considering ...