How Redevelopment Transforms Urban Living
Larger Living Spaces For Family
Transforming Aging Structures To Sound Infrastructure
Dedicated Parking Space
Modern Lifestyle Amenities
FAQs of Redevelopment
1. What are the documents needed for redevelopment process?
– Property conveyance document
– Property Card
– 7-12 Extract
– List of members with existing flat numbers and existing carpet area
-Existing IOD with Plan
– Existing Occupation Certificate with associated plans
– Latest CTS Plan
– Latest DP Remarks
– AutoCAD of Physical Survey
– Any Litigation if any in respect of society/Land/third party rights etc.
2. What are the stages of Redevelopment?
- Redevelopment of the project requires approval by a majority vote at a Special General Body Meeting.
- It is essential to engage a legal and project management consultant to guide all the housing society members throughout the procedure.
- Finalize Draft of the tender and Feasibility Reports forwarded by the society consultant.
- The tenants in general should be aware that the society is willing to go for redevelopment and hence request the developers to participate in the Tendering process and submit the bids and commercials as per the Tender.
- A comparison chart needs to be submitted by the consultant to the society (Offers, Financial strength, Experience to date, handling capacity, Past history, Deliveries, Company Profile…etc) so that the society can shortlist the right developer and request them for site visit and Presentation.
- The Final Offer is to be submitted by the Developer to the society so that they can select the preferred Developer in the presence of an Officer appointed by the Dy.Registrar.
- After the Appointment of the developer both parties shall finalize the Development Agreement, Power of Attorney, and Plans which shall be mutually agreed upon. These will then be put forward in the SGM for approvals so that the said DA, POA, and Plan can be submitted for registration and approvals from the authorities.
- On receipt of approvals from the department and fulfilling all the required compliances as per the Development Agreement, the developer will issue “Vacation Notice” and accordingly the society will allocate the proposed new unit to the existing members. The Developer will then start the process of registration of the Permanent Alternate Accommodation Agreement.
- On receipt of possession of the society the developer will start construction as per the Development Agreement and on receipt of the Occupation Certificate the developer will inform the society to take repossession of their new units.
3. How to choose the right Developer?
- Financial Stability
Verify the developer’s financial health through:
- Credit ratings
- Last 3 years Balance Sheets
- Solvency Certificate from National Bank
- Network & Turnover Certificate
- Past Performance
To evaluate the Developer’s Portfolio check:
- Years of experience in the industry
- Strength of staff
- Expertise in handling redevelopment projects
- The volume of work done to date
- On-time delivery and quality of previous projects
- Delivery Timeline The Developer should have a track record of timely execution. Also, check the copy of the project’s IOD, CC, and OC certificates.
- Quality you Deserve The Developer provides a consistent product quality, be it for the existing members or prospective buyers.
4. How is redevelopment beneficial to a home owner in Mumbai?
A homeowner can benefit from the redevelopment of a project in several ways, including:
1. Additional area above the existing carpet area.
2. Hardship compensation.
3. Rent Refund.
4. Brokerage charges, relocation charges, etc.
5. Increased Value of the property with latest and upgraded amenities.
6. Dedicated parking space.