Redevelopment Advantages 

To the co-opeartive Societies / Members :

 

  • Buildings in some societies are very old and weak. They need extensive repairs and renovation but the work cannot be done because of scarcity of funds and lack of technical expertise. In such case, redevelopment is a viable solution;

 

  • Societies which have unutilized F.S.I., may effectively use this for extension of the existing buildings. The possibility of loading additional TDR & FSI in receiving zones provides opportunity to the existing members to get extra space by way of additional room/s without any extra investment;

 

  • Members generally get extra space. Apart from the additional 100 to 200 sq. ft. that one member would get as compensation from the Developer, if any of the family requires additional accommodation in the same building, it can be achieved by purchasing additional space from the Developer at the best available price. This would also enable the family to live in the same vicinity; 

 

  • The trend of building huge complexes and high rise apartments, towers as they are called, have lifts installed which not only carry the people from bottom to the top, but in some cases there are even lifts that transport the vehicles owned by the rich and the famous to their houses situated on the upper floors;

 

  • These Complexes and Towers have excellent stilt or sometimes even underground parking facilities, which eases the congestion of traffic in the Society Premises. This not only saves precious space but also ensures disciplined traffic flow in the Society Premises; 

 

  • Modern amenities and electronic gadgets are being widely used making life more luxurious and safe. Modern gadgets such as Close Circuit Cameras, Intercom systems, Smoke Detectors, Fire Fighting Alarm Systems, Metal Detectors etc. are widely used;

 

  • As the Developer generally provides a corpus fund to the Societies going in for redevelopment as part of the consideration, there arises no need to revise an upward contribution from the members. Therefore, as the Corpus Fund could be generated it would take care of the share of the original members in relation to the increase in maintenance cost of the new premises. Otherwise this amount could be utilized for other purposes as per the decision of each individual member. Thus, the members get all the benefit of modern facilities at almost no extra cost; 

 

  • Finally if the Society itself takes up to play the role of the Developer by appointing the best Architect/Project Management Consultants, who take the responsibility of arranging the required finance and the best contractors, it could yield the best returns in the interest of all the Society members. The guidance in this respect also can be availed from the Redevelopment Committee formed by the Association; 

 

  1. Documentation and paper work generation without much hassle;

  2. Employment of Professionals of the best cadre;

  3. Achievement of a thorough quality control;

  4. Easy possibility of procuring Conveyance, OC & Approved Plan;

  5. Own choice of Architecture and Design.

 

  • There could be many more advantages and benefits that one can derive from a Redevelopment and the Societies and their members would be able to enjoy modern amenities in the redeveloped buildings/complex like –

 

  1. Earthquake-resistant structure;Better planned and designed flats;

  2. Concealed plumbing and electrical lines;

  3. Proper decorative entrance lobby;

  4. Proper garden and playing ground for children;

  5. Modern elevators;Health club;Bigger room sizes;

  6. Larger toilets;

  7. Attached bathroom in bedrooms, etc.

 

To the Developer 

 

  • In the very familiar situation where land for construction and development in a good locality becomes unavailable and scarce, Developers can take up projects of redevelopment. They can construct commercial/residential towers in the premises where FSI is available;

  • In development projects, the Developer has to invest huge amounts for the purchase of land or Development Rights, purchase of TDR & FSI immediately. Whereas, in redevelopment projects, the funds may be invested by the Developer gradually. Further funds would flow in as a result of the sale of additional saleable area;

  • In redevelopment projects the cost of providing infrastructure facilities such as approach roads, water supply, sewerage, electric supply etc. are negligible;

  • The process and cost of forming a new Co-operative Society are also not required to be incurred.

 

Further if you want detail procedure on Redevelopment, books are available at our office & for the enquiry contact : 022 42551414

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