With the help of Professionals, Redevelopment Consultant and Funds from Banks, existing Members of Society can easily redevelop their own premises. This means that there shall be no involvement of any Developer and the benefits reaped by the Developer shall now belong to society. Biggest advantage to society shall be transparency in process.
Following are the documents required & steps to be followed for self-redevelopment.
- Certificate of Registration of Society with Registrar of CHS
- Adaptation Of Latest Bye-laws by society and approved by registrar
- Selection of Latest Management Committee as per latest bye- Law
- Authorization of Management Committee by Registrar.
- Conveyance of Society
- Property Card
- 7/12 Utara
- BMC approved OC Copy and approved Drawings.
- Demand From Society Members for SGM to proceed for Redevelopment ( Min 1/4 Members to Demand)
- Approval to proceed for redevelopment in Societies SGM ( Min 15 days Prior notice Required, Min 85% attendance necessary)
- Agenda of Meeting shall be a Follows:
- to Decide to Proceed for redevelopment
- To Confirm process to appoint PMC / Architect for Redevelopment work.
- To call suggestions for appointing PMC / Architects in written manner with 10-15s days from all Society Members.
- Discuss and Finalize scope of work for PMC/ Architect
- Appoint PMC /Architect
- PMC / Architect to advise Appointment of Legal Consultant( Advocate) & Bank for loan.
- PMC/ Architect to assist to carry out Plot Survey and Get it certified by City Surveyors
- Survey of Individual Flats by Surveyor and to be Signed by Individual Flat Owner.
- PMC / Architect to prepare Feasibility Report
- In SGM Society to approve Feasibility Report inclusive of TDR Cost and bank loan work
- Upon Approval from Society, Architect to prepare Proposed Building plans and Layouts.
- Unit allotment to carried out by Society along with the written consent from Members
- Society to Discuss and Approve the same
- Approve bank loan & signature for the same.
- Architect to prepare All Floor plans for Municipal Approvals.
- To start Preparation of Project Loan activity in discussion with Bank personnel with the help of Legal Advisor.
- Property Mortgage Documents to be prepared.
- PMC / Architect to prepare Tender Documents such as Civil Worsk ( RCC, Block works, Plaster Painting Etc.) Electrical works, Plumbing works, Door& Windows , Interior work Etc.
- PMC / Architects to seek necessary approvals such as IOD, CC, FCC, OC etc..
- PMC / Architects to coordinate with Structural Consultant, Plumbing / Electrical Consultant s, Bank Etc.
- PMC to supervise and certify all Running bills for the work & fund disbursement from bank.
- PMC to assist smooth handover of the property to Society Members & closing of Bank Loan.
Most Societies in Mumbai , today, can avail maximum benefit of the same by the help of redevelopment. While taking maximum benefits, the most expensive commodity like Timely delivery, your own property handing over to non-reliable person / company, quality of work, etc. needs to be taken utmost care of. So the best way is to go for Self-Redevelopment in Mumbai.
Following are the points for Developer redevelopment V/S Self-Redevelopment in Mumbai.
| DEVELOPER LED REDEVELOPMENT | SELF REDEVELOPMENT | |
| Knowledge & Technical Expertise | Yes | Yes, We have it. |
| Knowledge of legal documents, NOCs, etc. | Yes | Yes, We have it. |
| Skill of dealing with MCGM and other authorities | Yes | Yes, We are expert in it. |
| Design as per society member’s needs & Planning. | Yes | Yes, We are expert in it. |
| Understanding of quality and cost of resources & Amenities | As per developer’s wish. | Society to decide & We will guide. |
| Additional Carpet area for each member. | Less area & On the name of Developer | As per Society's decision, more area & On the name of Society. |
| Additional Carpet area for Sale / Society. | On Developer's name | Society's name |
| Corpus fund generation | Very Less | High |
| Project commencement & completion | As per developer’s wish. | Fast & On time |
| Project design and construction as per government norms | Not Sure | Full Adherence to Government Norms & Approvals |
| Investment capability & Fund management | Depends on Developer to Developer | Bank Loan arranged and managed by Society’s Team. |
| Rental & Mobilization | PDCs for only few months OR monthly cheque | As per Society's decision. |
| Managing IOD, CC, TDR / FSI | Depends on Developer to Developer | Yes. Taken in the name of the Society. |
| Ability to sell additional space | Yes | Yes. Society's name. |
| Occupation Certificate (OC) | Can be delayed or even not achieved | On time |
| Loan Closing | Yes. By the end of Project. |
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