Self-Redevelopment Service

Why Self-Redevelopment?

Self-Redevelopment - oldest form of redevelopment. In the 60s, most of the buildings in Mumbai were developed by the society members themselves. They would come together, form a society, arrange the finances by contribution and mortgage, and set designs in place, and select contractors to construct the building. These buildings were designed as per the requirements and quality standards set by the members and they still stand tall and distinct due to the efforts and interest taken by the members. But leadership in an unknown territory, and the norms started becoming complex which instead made the journey difficult, tiring and unpredictable, which made the societies opt out and developers stepped into the picture.

It is one of the most difficult form of redevelopment although beneficial for the society. Usually the society as a whole appoints a member of the society as a leader who is ready to go through various hardships like approvals, appointment of contractors etc. However, there is a procedure for self-redevelopment which has to be followed correctly if a housing society wants to opt for self-redevelopment and avail all the benefits of self-redevelopment.

Self-Redevelopment

Process and Procedure

1 Society appoints Project Management Consultant
2 PMC generates the feasibility report for the project
3 Society arranges for funds required for the project
4 Provide the relevant scope of work to each Agency/ Expert
5 Society Appoint Architects, Contractors, Consultants, Legal Advisors, Chartered Accountants, Procurement Managers, etc
6 Manage the review, validation, communication, coordination of all the parties involved to ensure the project delivers as estimated and as per the standard.
7 Manage the documentation and approvals from different Government authorities
8 Manage the conflicts between different society members and their expectations
9 Manage the sale of flats to recover the loans

Know More About

Self Redevelopment

Advantages

  • Higher Extra Space and Corpus compared to other approaches.
  • Rent allotment managed as per convenience.
  • Authority in the hands of the society for plans designs and also setting development standards.
  • All the documentation and plans in society's name.
Advantages

Disadvantages

  • Time, Competence and inclination within the society members.
  • Getting consensus amongst members at various stages.
  • Funds to be made available for the entire project.
  • Managing documentation through Govt. authorities.
  • Ability to sell the saleable flats for recovering the project cost.
  • Managing multiple experts at various intervals of time and the required coordination within them.
  • The onus of providing flats to the sale flats members is on society.
  • Keeping a tab of the project development as per Govt. Norms and better standards.
  • Managing the invoicing, taxation and cost accounting.
Disadvantages