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.
List of incentives being offered by government to promote Self-Redevelopment, through GR dated 13th September 2019. This incentives are for more than 30 year old society opting the path of self-redevelopment.
However, detail procedural guidelines are yet to be issued by each of the department based upon the above stated GR. You can download the copy of GR by clicking here
Obtaining the property title in the name of the society from the previous owner/promoters and updating the property card
Inviting proposal from a known architect PMC based upon reference or by floating a tender leading to the appointment of the appropriate consultant.
Structuring the project cost and revenue in a manner to maximize benefits for the society.
Based on the area finalized, unit plan and layout will be prepared for the members’ suggestion-objection/ approval.
Obtaining the title search report and preparation of various under takings required for the IOD.
Obtaining a written consent for self-redevelopment and funding from the individual members.
Obtaining principal loan approval based upon the project report from scheduled/ co-operative/ nationalised banks.
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.
Registration of the society under direct and indirect tax frame work and appointing a dedicated accounting team at site for book keeping and accountancy.
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.
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.
Obtaining the RERA registration and uploading all the relevant documents including CC
On receipt of IOD and appointment of contractors
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.
Ensuring material and structure quality, workmanship, design implementation and progress monitoring for timely and qualitative construction of project.
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.