Redevelopment

List of documents for Society Redevelopment (Proposal under 33(7) B)

- Copy of the title certificate of the society

- Copy of the existing Occupation certificate along with plans

- List of the complaints, litigations, arbitration proceedings, if any

- Property Card of the land parcel

- Conveyance Deed/ Deem Conveyance documents

- Existing building plan, CC / Approved Plan, Layout & Floor plans

- D.P Remarks

- CTS Plan

- A certified true copy of the existing carpet area statement (Nos. of Flats/ Shops/ Offices)

- Table Survey Drawing

- Copy of Resolution passed by the Society in AGM for the redevelopment of said premises

List of documents for MHADA Redevelopment

- Lease Sales Deed from MHADA

- Copy of the existing Occupation certificate along with Plans

- Property Card of the land parcel

- Existing building plan, CC / Approved Plan, Layout & Floor plans

- D.P Remarks

- CTS Plan / Demarcation Plan

- Certified true copy of the existing carpet area statement (Nos. of Flats/ Shops/ Offices)

The Central Government of India drafted and approved the Real Estate Regulation and Development Act of 2016 to protect home buyers while encouraging real estate investment. Buyer complaints can be sent to MAHARERA for a prompt response. The law addresses the entire process of buying a house and redevelopment.

- Approval by Society Members: A Special General Body Meeting (SGM) must take place where a majority vote is required to approve the project’s redevelopment.

- Appointment of Consultants: The society appoints a legal consultant and a project management consultant to guide the members through each phase of the redevelopment process.

- Obtaining Developer Bids: The society invites bids from various developers/builders interested in undertaking the project.

- Selection of Developer: After thoroughly evaluating the bids based on legal and financial criteria, the society selects a developer in compliance with Section 70(A) guidelines. The final appointment is made in the presence of a sub-registrar.

- Approval of Plans: The redevelopment plans require necessary approvals from regulatory bodies, including a Development Agreement (DA) signature. Once approved, the plans are submitted to the SGM, and additional approvals, like the Intimation of Disapproval (IOD), are obtained.

- Transition to Developer: All financial and other commitments are met, the existing building is vacated, and possession is officially transferred to the appointed developer.

- Completion and Handover: Upon completion, the redevelopment project receives the Occupancy Certificate, and possession is handed over to the society members.

Any building that has yet to utilise the full potential of the plot of the prevailing DC regulations can opt for redevelopment. This is subject to the housing society and the owner having a clear, marketable Title.

When considering a developer to implement a redevelopment project, keep the following points in mind:

- The financial stability of the developer

- Past performance

- Quality of Consideration

- Approach of Developer

Several factors determine the value of the offer. Each project’s feasibility varies depending on several factors, some of which are the existing utilisation of the building, the plot, how it is connected to the road, and sometimes even whether road widening is needed.

Transparency is a crucial aspect of any redevelopment process. All terms and conditions must be clearly and comprehensively documented in writing beforehand, ensuring no verbal agreements are accepted. Additionally, any wrongdoing or rule-breaking must be strictly prohibited throughout the redevelopment journey.

In a redevelopment project, the developer bears and pays the stamp duty registration and statutory payments on the area. Any pending payment of the existing members shall be borne by themselves. If a housing society member purchases an additional area, all payments such as Stamp Duty, Registration, GST, etc., must be borne and paid by them.