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Redevelopment is the process of demolishing existing old society building and reconstructing it by appointing a builder who can construct and handover the flats to the society members with some additional area, amenities and corpus and make a profit by utilizing balance plot potential by constructing additional flats and shops as per approval from the M.C.G.M

Redevelopment has become popular in cooperative Housing Societies since its the most practical, economical and long term solution in a scenario where old buildings have become structurally obsolete; Where as for a builder it is a cost effective way to construct residential and commercial premises by utilizing unused plot potential i.e the floor space index with gradual capital investment

A Redevelopment arrangement begins with the conception of an idea to redevelop the old building and it ends with handing over of the agreed constructed area in the new building and corpus and rent and the builder selling the additional flat in the open market to recover the construction cost and make a profit.

Procedure for Redevelopment

  • The society appoints a Project Management Consultant/ Architect
  • The society prepares a tender with their help
  • The society advertise in two leading news papers inviting sealed tenders from Developers
  • The society forms a Redevelopment Committee to shortlist at least three Developers on merits
  • The society places the comparative data before the Society members for final selection
  • The Society informs the selected Developer accordingly and requests their terms in writing
  • The society appoints the developer for redevelopment

Advantages of Redevelopment

  • Hands-off approach for the Society
  • The developer manages the construction, process know-how, liaison process and fund management with his expertise
  • Benefits available from the developer with least intervention from the society members

Disadvantages of Redevelopment

  • Lesser extra area and corpus compared to self redevelopment
  • Higher probability of the project getting stalled if the project gets into any dispute
  • The developer has the authority hands to change the plans, the designs and development standards
  • Lack of transparency in the process
  • Inappropriate commitments leading to clashes on various aspects like completion deadlines, rent payment, extra space or corpus

contact us

company information

  • +91 9920707485 / +91 9022339174 / +91 8369943352
  • Province PMC LLP 8, Ground floor, Suraj Building, Jagannath Bhatankar Marg, Elphinstone Road, Prabhadevi, Mumbai - 400013
  • info@selfredevelopers.com