Redevelopment

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.