Self-Redevelopment
Self Redevelopment To Ease Mumbai Resident’s Woes..
Many Housing Societies across Mumbai have been facing delays in redevelopment year after year, after the project been given to the developers / builders, leaving behind a bitter experience for residents. To ensure timely delivery of their new redeveloped homes, housing societies have now accepted that Self Redevelopment is the best option for them. Wherein no developer will be involved while the society will have freedom and control to appoint their own architect, contractor and Project Management Consultant to execute the project.
- The Banks would provide the required funds from Day 1 for the redevelopment process.
- Flat owners have an alternative and the best way to utilize the maximum potential of their land.
- This scheme would help the flat owners to receive quality of work, timely completion of project and help provide necessary suggestions for re-developing their Building.
SELF REDEVELOPMENT CHOOSEN PATH IN MUMBAI OVER REDEVELOPMENT
SELF REDEVELOPMENT
- Complete Transparency with the society
- The maximum FSI benefits is given to the society
- Substantial increase in the area of the existing tenants
- The area received will be at the same location. No possibility of shifting elsewhere
- The bank provides loan amount to the society for the redevelopment purpose, which will be monitored by the bank and society on timely basis
- The society appoints PMC ( PROJECT MANAGEMENT CONSULTANT ) to take them through the entire process of self Redevelopment
- The amenity potential will be equally distributed without compromise to the society and to the sale components
- All the process related to this development scheme like Building plan, Materials, Legal, financial and entire constructions stages can be monitored by the society
- The contract is given to standardized and well reputed firms for the construction. Quality of work is high
- Self Development is the process for generations as tenants receive larger area in the rehabilitated building
REDEVELOPMENT BY DEVELOPER
- No Transparency in work it is limited to the Developer
- The maximum FSI Benefits is taken by the developers
- Compromise in area
- The location depends on the developer and is usually given at the backside of the plot or elsewhere
- The developer arranges the funds from various investors which causes delay in the project and fund diversion according to the wins and fancies of the developer
- The developer is the sole incharge of the project and provides and given no guidance to the society members about the project
- The decision towards the amenities is at the discretion of the developer
- In this scheme all the decisions are in the hands of the developer and no consent of the society is required
- The developer hires local agents and contractors for the work, which leads to low quality of work
- This is the process for 1 generation as the area received is less compared to the self development scheme