As per media reports, there are more than 5800 projects in Mumbai which are stuck in re-development today, affecting more than 1,25,000 families. The reasons for all these projects getting stuck range from lack of funds to delays in permissions to miscalculations in carpet area allotment. While the reasons are aplenty, most of the times, they are directly related to the developer handling the re-development project.
For Society members, taking up self re-development of their housing society keeps the members safe from any problems arising from the builder and the society is assured of more benefits and profit from the project. This is possible as the overall control of the project is always in the hands of the society.
Typically most societies prefer to redevelop their buildings through Real Estate Developers as they are not aware of all the requirements that come along with that.
Redevelopment through Real Estate Developers is a tug of war where both the parties strive to get maximum benefits for themselves.
When it comes to redevelopment through Real Estate Developers, there have been many issues raised in the past such as ~
More space per flat for existing society members
More monetary compensation for existing society members
Better views and apartment layouts for existing society members
Your home > Your decision > Your benefits
Avoid legal entanglement due to absolute transparency
Only registered cooperative housing societies of Maharashtra, are eligible to avail of the benefits offered under this Govt. regulations. So, any residents’ welfare association, is not eligible to avail of the benefits of such self-redevelopment.
This benefit is available only for buildings which have completed 30 years.
The land on which the building is situated, may either be government land or private land. So, as long as the building of the society is older than 30 years, it does not make any difference as to who owns the land, for the purpose of self-redevelopment.
In case the housing society owns more than one building of different ages, the society opt for self-redevelopment only for the building which has competed 30 years.