Redevelopment is the process of demolishing old or dilapidated buildings and constructing new ones in their place with modern amenities, better infrastructure, and improved safety standards. It helps in urban renewal and optimizing land use.

Property owners benefit from redevelopment through increased property value, better living conditions, enhanced amenities, improved infrastructure, and often additional space without any financial burden.

Redevelopment is usually financed by developers who invest in the project in exchange for the right to sell extra constructed units. Government incentives, bank loans, and self-financing models may also be used.

A redevelopment project requires approvals from municipal corporations, environmental clearance, fire safety, structural audit reports, and sometimes consent from a majority of residents or housing society members.

Residents should evaluate a developer based on their past projects, financial stability, construction quality, legal compliance, transparency in agreements, and the benefits they offer in terms of amenities and compensation.