Redevelopment in depth

Redevelopment Rules

An increase in Floor Space Index (FSI) and the ratio of permissible built up are to plot area and the ever increasing property prices are making developers approach residents asking for permission to demolish their old structure and put up a new building with more apartments for a big house and more money
There are some facts you definitely need to check before you put your society for Redevelopment with a developer
 Documents Required by the society : 
- Conveyance deed
- Society Registration Certificate
- General Body Resolution to go for redevelopment
- List of member with their respective carpet areas
- C.T.S. plan & property card for the plot.
- D.P. remarks, If the property is under TPS scheme then T.P. remarks
- Copy of municipal approval plans
Appointing a Redevelopment Project Management Consultant (PMC)
It’s very important for co-op housing society in Mumbai to appoint a redevelopment project management consultant (PMC) who will first prepare a feasibility report
Consultant is basically a team of Architects, Civil Engineers and Legal Advisors.
An Architect is required to prepare financial feasibility of project, Technical Analysis of offers of developers, verifications of building plans prepared by the developers, preparation of schedule of municipal process with developer
Choosing a developer / builder
The developer / builder should have strong cash surplus, otherwise the development of the new building could land up in a stop gap
STAGES OF REDEVELOPMENT in Mumbai
1. Offer letter to the society
2. Terms and conditions with the society
3. Agreement with the society
4. Sanction from MCGM in favor of the society
5. Loading of TDR in the society’s name
6. Obtaining the IOD
7. Shifting of the members
8. Demolition of the building
9. Obtaining the CC
10. Construction of the new building
11. Obtaining the OC
12. Shifting the old members