Transforming Spaces,
Rebuilding Futures

⸺Potential of Redevelopment

Redevelopment involves demolishing an old structure and constructing a new one, benefiting all developers, landlords, members and tenants. In Mumbai, it utilizes FSI and TDR as per MCGM regulations to maximize land potential. A builder signs a development agreement with the society or landlords, but ownership remains unchanged. With cooperation and proper procedures, redevelopment becomes a smooth process.

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    ⸺FAQ’S

    General FAQ'S

    1What is redevelopment in housing societies?
    Redevelopment refers to the process of demolishing an existing old or dilapidated building and constructing a new structure in its place, offering improved facilities, safety, and additional space for residents.
    2Why do housing societies opt for redevelopment?
    Societies usually consider redevelopment when the existing building becomes structurally weak, outdated, or uneconomical to maintain. It offers residents better living conditions, modern amenities, and enhanced property value.
    3Who manages the redevelopment process?
    Redevelopment can be managed either by the housing society itself or in partnership with a professional developer. The process typically involves architects, legal advisors, project consultants, and structural auditors for proper execution.
    4What are the benefits of opting for redevelopment?
    Redevelopment offers multiple advantages, including larger homes, modern amenities, better safety features, enhanced lifestyle, and an overall increase in the value of the property. It may also include a corpus fund or rent for alternate accommodation during construction.
    5What are the risks involved in redevelopment?
    While redevelopment offers many benefits, potential risks include delays in construction, legal disputes, poor execution by the developer, and unclear or unfair agreements. Thorough due diligence and legal scrutiny can help minimize these risks.