Redevelopment

[One roof solution to land developers]

Lets us help you redevelop

With over 20 years of experience in redevelopment, we have completed several landmark residential redevelopment projects across Mumbai. Today with a paucity of land in an overburdened city, we believe redevelopment is the best answer for our city’s housing needs.

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FAQ's on Redevelopment

What documents are required for redevelopment?
  1. Conveyance of the property
  2. Property card in the name of the society
  3. Old Occupation certificate along with plans
  4. CTS plan
  5. DP remark
  6. TP remark if applicable
  7. List of allotment of members along with carpet area
Are buyers protected? If so how?

The Real Estate Regulation and Development Act of 2016 was introduced and passed by the Central Government of India in order to safeguard home buyers and to also encourage investment in the real estate industry. Buyers’ grievances can be directed to MAHARERA for a quick resolution. The act covers the end to end process of purchasing a home, as well a redevelopment.

What are the necessary approvals, how are they obtained?

A Cooperative Housing Society may provide a limited Power Of Attorney to a developer in order to obtain the necessary approvals. Some of the essential approvals needed (but not limited to) are: NOC from the Chief Fire Officer, Traffic NOC, Storm Water NOC, NOC from BMC for water, NOC for a Borewell, Building Proposal Department’s approval, among others.

What are the stages of a redevelopment project?
  1. A special general body meeting of the society must approve the redevelopment project
  2. Appointing a legal and a project management consultant to guide the society members on the processes
  3. Obtaining bids from various Builders/Developers
  4. Vetting the bids and selecting the Developer that meets the legal and financial requirements
  5. Signing a development agreement with the developer
  6. Handing over vacant peaceful possession upon approval of plans
  7. Building construction
  8. Obtaining an occupation certificate upon completion of the building and handing over possession to respective members
Who can go in for redevelopment?

Any building which has not utilised the full potential of the plot of the prevailing DC regulations can opt for redevelopment. This is subject to the housing society and the owner having a clear, marketable Title.

How to choose the right Developer?

When considering a developer to implement a redevelopment project, keep the following in mind:

  1. The financial stability of the developer
  2. Past performance
  3. If there is there any litigation against the company / group of companies?
  4. Has the developer adhered to all statutory payments and compliances?
How can a society safeguard the project?

Transparency is one of the most important factors to be considered during redevelopment. All the necessary terms and conditions must be listed and documented beforehand. No conditions should be accepted orally. Illegal activities are absolutely not permitted during the process of redevelopment

Will I receive the same offer as the neighbouring building?

There are several factors that go into determining the value of the offer. Each project’s feasibility varies on several things, some of which are the existing utilization of the building, the plot, and how it is connected to the road, and sometimes even if road widening is needed

What kind of majority is required for approval of the project?

A cooperative housing society works on a majority and is not run by an individual. A majority of 75% votes is required to carry out a redevelopment project. No individual member for his personal gains can stall the redevelopment of a project