What Happens, After A Residential High-Rise Building Complete's Its Life Span?

                                                                 Castle in the Air...

                                      "High-Rise Investments Will Uncertainly Collapse" 

Let's start with something as simple as maths, 

A 30-year-old guy bought an apartment on the 8 floor in a high rise building with all amenities and Yes, power back-up as well...  the total cost was about 35,00,000 Indian rupees. 

According to our 30 year old fella', the apartment is an investment for his one year old son, but what he never realised that the time he will be 100 (lets keep him alive till 100, just for the sake of our story), his condition and the condition of his so-called investment, will be in the same state, ......"can collapse anytime soon".  

Yes, just like humans; the building has a lifespan too and same as humans, buildings do get old before collapsing. But, we never think about all this before buying an apartment in a high rise society, That once the building has completed its life circle who will build it again?

Your flat on the 8th floor will just be a "Castle in the Air".............

These are some general facts about different structures and their expected age:

• Monumental Structures like a temple, mosque or church etc - 500 to 1000 years
• Steel Bridges, Steel Building or similar structures - 100 to 150 years
• Concrete bridges or High-rise building or stone bridges etc - 100 years
• residential houses or general office/commercial buildings etc - 60 to 80 years
• Concrete pavements - 30 to 35 years
• Bituminous pavements - 8 to 10 years "

                                               Reference: [1]Causes for Accelerated Structural Deterioration of Reinforced                                                                                                                Concrete,Dr. Y. P. Gupta, Advisor, Naini Bridge Information Centre;                                                                                                                                              COWI - DIPL Consortium, Allahabad

Although, Not every structure follows the age limit mentioned above and in most of the cases your apartment will not last more than 35-40 years...

Ref :- "https://economictimes.indiatimes.com/slideshows/real-estate/your-flat-may-not-last-more-than-30-40-years/apartment-or-independent-house/slideshow/9858656.cms"

Now, let's start with maths again, 

A 30-year-old guy invested 35,00,000 in an apartment at the age of 30, (Let's assume that the expected lifespan of this high- rise is 70 years, depending on the material used and weather conditions etc.) At the time of purchase he had a 1-year-old son and by the time our subject will turn 100 his son will be 70 and if his son also had a son at 30, then the grandson will be around 40 years old...
(Keeping my maths correct as per our joint families)      

That's how a family doubles ... (not being gender bias, the word son is just used as an example, it could be a daughter)

Now, let us look at the hard-earned investment ... 

Father invested 35,00,000 /- 

Son Turns "30": Expected returns on investment to grow at least 100 times in 30 years but lets keep it to 10 times, 35,00,000 X 10 = 3,50,00,000 /-

Grand Son Turns "40": Expected returns on investment made in terms of a flat in high-rise building  =  3,50,00,000 X 10 times = 35,00,00,000 /-

But as the building has finished its lifespan, the returns turn into " Castle in the Air" = "Zero"

The first question that might bug us, why are we moving into flats?

-- The answer is as uncomfortable as your slim-fit shirt with all that belly fat....

The main reasons to buy a flat is : -

1. Security - Everyone is scared of "Kacha Baniyan Gang" and local intruders barging in, True that apartment is much safer than an independent house. Even with our angry macho personality which only gets activated while road rage and our De-famous surname's that shines on the back of our car.
We, as a society are still scared of almost everything and everyone until we get drunk and turn into an Ironman.

2. Social Circle - We get bored with each other very easily and need other people to make us happy by spending time with us, soft noise from every apartment keeps us busy all day. We are not a scientist or astrophysicist, most of us only discuss people.

3. Easier, economical and tried by others - It's very tough to trace out the history of an independent house for a middle-class working person, we rely on property dealers for this and trusting a property dealer is just like hoping to meet a celebrity on a blind date.  So, let's follow the herd as the herd knows the way better than a loner.

4. Amenities - An apartment has got almost all the amenities we need to survive.
                         
And the list can go on and on as all us has our own reasons, but we never ask this question before buying a flat!

What happens after the building has completed it's lifespan?

Scenario 1:-

Let's be positive---

The building needs to be reconstructed.

Process---
Apartment owners form a committee, it has to be more than 75 % of total apartment owners to make it work and as we are being optimistic let's hope we have that number. Now, this committee can negotiate with the builder/ developer to rebuild the building.

But, what about funds for construction?

If you are lucky enough, The builder will sell the land (where the building was established) for a good market price and build another building far away on a cheaper location and provide you a flat with all amenities. (Note: he can charge you for the difference)

(This process can take a long long time until then you have to find a place to live on your own... The builder will not pay for it.)

Scenario 2:-

You all can divide the piece of land, which is the ground floor.
(Unfortunately, that piece of land will be so small that it won't even fit one family, forget about 20 or 30 families)

Scenario 3:-

File a case in court and wait for something to happen.
(which can take a long time, until then you have to find a place to live on your own... The builder will not pay for it.)

Scenario 4:- 

Why do I have to care, It will take another 50 years until my building collapse. I will be long gone till then, So Relax.

This article is based on my curiosity other than finding the right answers. But if you have the right answers, Please comment...............

I, Varun Awasthi, hereby state that

a.     This article authored by me is original and not plagiarized from any other sources.

b.     This article has not previously been published/featured in any other media prior to this.