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What are the benefits of self redevelopment?
In the case of self redevelopment of a housing society, the members get higher extra space as compared to builder led redevelopment. The extra flats or sale flats that will be created in the new building, can be purchased by the existing members on cost basis or can be sold to people outside of the society as well.
What is the biggest advantage of redevelopment?
Through comprehensive planning, redevelopment improves the built environment and infrastructure in old urban districts while providing more greening, public open space and community facilities. Dilapidated buildings are redeveloped into new buildings of modern standard, environmentally-friendly and smart design.
What happens when a building goes into redevelopment?
Redevelopment is the process of demolishing existing old society building and reconstructing it by appointing a good Builder who can construct and handover new flats to the Society members free of cost with some additional benefits and make profit by utilizing balance plot potential by constructing additional flats and …
How does self redevelopment work?
In a self redevelopment project, the society members have control over the project where they can decide on plans, designs and also setting development standards. The society members can also decide the amenities they want to have in the self redeveloped society like parking spaces, play area for children etc.
How do you do a redevelopment of society?
What is the procedure for the redevelopment of a housing society?
- Call a Special General Body Meeting (SGM)
- Get quotations from Architects/Project Management Consultants (PMC)
- Submit proposal for Building Redevelopment Project.
- Receive Project Report.
- Invite Tenders from developers.
- Choose a developer.
What is redevelopment process?
First step for deciding redevelopment is structural audit report by structural consultant or project management consultant. The structural audit agency shall reveal the condition of buildings & suggest whether society needs the redevelopment. Without such report, society can’t go for redevelopment process.
Who benefits the most from redevelopment?
The positive impact of job creation the project will have is two-fold: 1) professionals hired for the redevelopment, including: painters, plumbers, litigation, lenders, roofers, electricians, architects, structural engineers, landscape designers, and inspectors; and 2) likely more employees at both the redeveloped …
What does the term redevelopment mean?
Definition of redevelopment : the act or process of redeveloping especially : renovation of a blighted area urban redevelopment.
What is the procedure for redevelopment of society?
What is required for redevelopment?
1) Prescribed application form containing details / particulars of the proposed Redevelopment duly signed by Society / Association & Architect. 2) Legal ownership title of the applicant CHS / Association. (Lease Deed / Conveyance Deed). 3) CIDCO “NOC” specifically for Re-Development.
What majority is required for redevelopment?
As per The amendment to the Maharashtra Apartment Ownership Act (MAOA) you only need consent of 51\% of members of association for redevelopment of building for that you need to have consent letters from the members who are giving consent for redevelopment.
What is comprehensive redevelopment?
Comprehensive Redevelopment: an area, usually in the inner city, where the whole urban landscape was demolished before being rebuilt on a planned basis by the council or city government.
Should you go for self-redevelopment of Your Housing Society?
For residents of many ageing housing societies, going for redevelopment of their society can be a harrowing proposition. Builders are notorious for making tall promises only to renege on them, leaving homeowners stranded. Fed up of being short-changed by builders, housing societies are increasingly going for self-redevelopment.
Can a builder take a power of attorney for self-redevelopment?
While the builder takes an irrevocable power of attorney (POA) from the members, whereby the land rights are vested in his hands, all property rights remain with the society in the case of self-redevelopment. To execute a self-redevelopment project, the housing society must have conveyance in its own name—the society must be the owner of the land.
How many co-operative Housing Societies in Mumbai require redevelopment?
More than 50\% of the 35,000 co-operative housing societies in Mumbai housing about two million people require redevelopment. 5800 projects are stuck due to the developer not fulfilling his obligations. Currently, the funding options for such projects are fairly limited.
Which banks are lending for self-redevelopment projects in Maharashtra?
In Maharashtra, the Mumbai Central District Co-operative Bank has taken the initiative of providing loans to societies opting for self-redevelopment. However, with Maharashtra Housing and Area Development Authority and the state government promoting this concept, various banks and financial institutions are opening up to lending for such projects.