Self Redevelopment

Becoming popular in a short span of time, a lot of society members are getting attracted towards self-redevelopment as it provides more benefits than conventional redevelopment to existing occupants. However self-redevelopment comes with certain degree of risk.

Key Stages

key stages

Responsibility Matrix

Conveyance and endorsement on Property Card

Obtaining the property title in the name of the society from the previous owner/promoters and updating the property card

Architect PMC appointment

Inviting proposal from a known architect PMC based upon reference or by floating a tender leading to the appointment of the appropriate consultant.

Feasibility

Structuring the project cost and revenue in a manner to maximize benefits for the society.

Design Development

Based on the area finalized, unit plan and layout will be prepared for the members’ suggestion-objection/ approval.

Land and Revenue related works

Obtaining the title search report and preparation of various under takings required for the IOD.

Other agreements (Members New flat, Sale Flat, TDR, etc)

Obtaining a written consent for self-redevelopment and funding from the individual members.

Debt Finance

Obtaining principal loan approval based upon the project report from scheduled/ co-operative/ nationalised banks.

Project Finance

Preparation of a detailed project report for raising and exploring the best possible equity finance like under writing, SPV, land mortgage and bank letter/guarantee.

Accountancy and book keeping

Registration of the society under direct and indirect tax frame work and appointing a dedicated accounting team at site for book keeping and accountancy.

Building Permission

Preparation of the unit plan and layout based upon the finalised area. Obtaining principal approval from the MCGM building proposal department and concessional approval from the development plan department and the municipal commissioner.

Estimation Tendering and Contractor Appointment

Preparation of a detailed BOQ and estimate for preparation of tender based upon the latest MCGM /PWD schedule of rates and specifications as finalized by the general body under design development stage. Floating a tender with detail estimate, good for construction drawings, scope of work, escalation, selection method etc.

RERA Registration

Obtaining the RERA registration and uploading all the relevant documents including CC

Vacating the premises

On receipt of IOD and appointment of contractors

Sales and marketing

Preparation of a comprehensive sales strategy, in line with the construction outflow, minimum loan requirement with pricing strategy and sales volume based on the market research. Preparation of a comprehensive vendor management plan and provision of required material for marketing.

Building Construction and Cash flow Monitoring

Ensuring material and structure quality, workmanship, design implementation and progress monitoring for timely and qualitative construction of project.

Possession & enrolment of new members

Once the necessary permissions such as municipal water supply connection, sewage connection, fire compliance certificate, lift compliance from the concerned agencies are obtained, the developer gets the Occupancy certificate from the BMC and enrols the new members to the CHS.

Co-op Housing Society
Architect PMC
Advocate
Accountants
product flow chart