Redevelopment is the process of demolishing existing old society building and reconstructing it by appointing a good developer who can construct and handover new flats to the society members free of cost with some additional benefits and make profit by utilizing balance plot potential by constructing additional flats and shops as per approval from M.C.G.M.
Benifits: Any redevelopment project taken by SHRADDHA LIFESPACES, there are in numerous benefits and list of amenities to the member/ flat / society going under redevelopment.
Please find some of the benefits given below
Finalizing the plans with members: After due consultation with all the members, the plan will be made to suit the requirements of the existing members and will be approved by them before applying for sanction from MCGM. Society must have Architect to scrutinize and verify the building plans and municipal plans to safeguard society’s interests.
Agreement with the society: The execution of the development agreement will be done once the above two points have been cleared by both the parties and after the draft copy of the agreement have been approved by the solicitors of both the parties. It is possible to appoint a common solicitor so as to reduce the time in execution of the document
Today the societies are opting to go for redevelopment than repair for the following reasons:
| Repairs | Redevelopment |
|---|---|
| The repair work can increase life of the building by 3 to 4 years and the problems can reoccur after few years. | Redevelopment gives a new building for which no major repairs required for longer period. |
| The old buildings are designed with old construction norms and hence cannot withstand with new climatic and geographic conditions. | New building is constructed with new construction norms and hence can withstand with new climatic and geographic conditions. |
| For repairs members have to spend money. | In redevelopment, members get Benefits in terms of money as well as additional area. |
| In old building the steel inside concrete beams and column starts corroding after 15-20 years which cannot be treated in repairs. | As the building is new this issue does not arise. |
Thus in redevelopment, the members get new fresh building + additional area + monitory benefits without spending any money from their own pockets.
The Developer to demolish the building existing in the plot and construct new multi storied buildings taking into account the earthquake resistant factors as directed by The Municipal Corporation of Greater Mumbai. The new building should have stilt for car parking and should consist of Multi stories as per approved plans. The final plans are to be prepared after due consultation with the managing committee and understanding their requirements.
The Developer shall be responsible to obtain all the necessary approvals from The Municipal Corporation of Greater Mumbai and all other statutory and Government offices and departments which will include:
(Occupancy Certificate) - The last step before the construction work is declared as complete is obtaining the Occupancy Certificate enabling the developer to allot the occupancy to the old as well as the new members. Shifting the old members - On receipt of the Occupancy Certificate, the developer can lawfully allow the possession of the flats to the owners.