Redevelopment means….

There are thousand of buildings which are obselete due to their age old construction, due to that the wear and tear and other reasons. Life of such buildings have been depreciating and it is not possible for one to carry repairs and and other structural changes.Redevelopment of such structurally depleted buildings has become a necessity since many buildings collapse each year creating havoc amongst people. As also the necessity for more space by the Society members for having a bigger flat has been one of the other reasons. The Government has allowed incentive FSI for carrying out redevelopment schemes in the city as well as in suburbs.

The future of redevelopment in Mumbai city is very bright since there are limitations on the availability of open land within the city and suburban limit coupled with fast growing demand of homes.

Redevelopment of…..

Redevelopment of properties of Old depleted buildings has been a subject of great interest in recent years, both to the Builders. With the real estate prices on the rise, residents in old cooperative housing societies are now discovering that they have an opportunity to gain great value from their property by offering it for redevelopment.

Redevelopment has become quite popular in CHS since it is a most practicall and long term solution where old structures are proving not to be economical, whereas for the builders it is a cost effective way to construct premises by utilizing the unused space i.e. the Floor Space Index( FSI) Transferable Development Rights. Redevelopment is the process of razing down of existing old building and reconstructing it by appointing a good Builder 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 by constructing additional flats and shops as per approval from M.C.G.M.

A Redevelopment begins with the belief of an idea to redevelop the old building and it ends with the handing over of the agreed constructed area in new building and the corpus fund or other financial consideration to the Society by the Builder. Inspite of all these, there are many querries that arise during the ongoing process of redevelopment and they are to be taken care of meticulously while opting for Redevelopment. These reasons by and large are the timely execution of Govt. guidelines, delay in possession of flats in redevelopment of Housing Society, Delivery of flats in time. Etc..