Self-Redevelopment

Traditionally, the housing society approaches a builder and enters into an agreement with it, for redevelopment of the building. The builder’s liability is to give the flats to the flat owners, as per the agreement and he is free to dispose of the additional flats to anyone, including the members, at negotiated prices. In case the redevelopment work is undertaken by the society itself, with the supervision of its members, it is known as self-redevelopment

To execute a self-redevelopment project, the housing society must have conveyance in its own name—the society must be the owner of the land. To get the project off the ground, the housing society first needs to get consent from its members. It must convene a special meeting with clear notices to all members.

Benefits:

All profits from saleable area go to the society,
Extra carpet area for all the members.
Since amenities are decided by members, they are expected to be more utilitarian.
New members are selected by existing ones.
All property rights remain with the society as no power of attorney needs to be executed in favor of the developer.

Despite the potential benefits of the concept, self-redevelopment is not an easy task, given the complexities involved. The permissions and clearances required, appointing an Architect, Lawyers, RCC Consultants, Contractors, procuring building material ,supervising the construction work, liasioning with approving authorities, fund raising, marketing the salable area and delays in execution can be frustrating.

This is where we come in with Thirty years of experience, as a one-point contact for the housing society, taking care of all aspects until project completion and even beyond.