India, Oct. 15 -- For Sagar Patil and his family, the redevelopment of their old residential building in Mumbai's Borivali brought a significant upgrade in their living conditions, but it also came with a higher monthly maintenance bill. Before redevelopment, the family paid around Rs.1,500 per month for their one-room kitchen apartment, measuring approximately 300 sq ft, in a building more than 40 years old. The building underwent redevelopment around three months before the COVID-19 pandemic hit in 2020.

After redevelopment, the family moved into a 1 BHK apartment measuring 420 sq ft in a modern residential complex with amenities such as a double-height lobby, an air-conditioned lobby, a podium, a gym, a swimming pool and valet parking...