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Posted by Admin on August, 22, 2020
Self-Redevelopment means developing your own property without involving any reputed developer. It consists of getting all the work done through expert Liasoning advisors and consultancy like approvals and permissions from the Municipal Corporation of Greater Mumbai.
In simple terms, it is also known as housing redevelopment. It actually refers to the procedure of re-building of a residential premise by the demolition of the existing structure.
• Developer - members themselves
• Complete benefit - to the members
• Extra area free of cost
• Corpus: it can be more but not less than offered by the builder
• Individual difficulties: can be sorted out within members
• Any third party interest: not possible
• Supervision: outstanding professionals and good quality
• Income tax on profit: nil being the concept of mutuality
Advantages of Self Redevelopment
• Maintenance cost to be covered: reserve specific area to the society to be given on rental basis and earn rent to cover up the cost of maintenance.
• Quality of construction: will be best as the material, will be selected by the members
• Litigation: possibility is very less as the entire project will be developed by society members.
• Plan to suit the members: the project will be prepared - considering the needs of the present members and by the society appointed architect.
• Increase in sale price: benefit will be available to the Members/ society.
Role of Self-Redevelopment Advisors & PMC
They are the experts and offers end-to-end redevelopment advisory solutions that are customized to perfection for your specific needs. The job of a PMC is to manage legal intricacies, advise the society at different phases of the redevelopment, and handle other procedures. Appointing a PMC is just as in case legal case crop up later and the project is delayed, the society will not be able to file suit against the developer as it failed to follow the needed norms of appointing a PMC.
Tips to consider for self-redevelopment of your society
• For a self-redevelopment project hiring an expert, Project management consultancy is a must. This will help in case any legal issue crops up later resulting in a delay in the project.
• Then the society will not be able to file suit against the constructor.
• Opting for self-redevelopment any society needs to discuss it with its members.
• Call a meeting and query the members to seek proposals from the developers.
• This is the step that will make the process more explicit, making other members of the society feel involved in the redevelopment of the community.
• Make sure that the claims of the developer are valid.
• Check if the constructor has successfully finished any other redevelopment projects in the past.
What does a reputed self-redevelopment consultancy do?
With their extensive and affordable project management consultancy services, they make proactive dictions, along with keeping a strict eye on the entire redevelopment process to ensure that the project is completed on time and in synchronization with the clients’ requirements. Right from planning, coordination, monitoring to controlling the project, they ensure that every task is carried out with utmost transparency, and as per the stated industry norms.
This entry was posted on August, 22, 2020 at 13 : 23 pm and is filed under Self Redevelopment Advisor. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response from your own site.