Mode Of Implementing Redevelopment Project

Housing Societies May Select Any Of The Following Modes For Implementing The Redevelopment Project.

a)  Self Development:

 The Project Can Be Taken Up By The Society By Appointing Contractor/S For Reconstruction And By Paying Charges For The Same To The Contractor/S. Additional Area In The Existing Flats And Additional Flats Can Be Financed In Any Or All Of The Following Ways:

i)                  Collecting Contribution From Members For Additional Area In Their Flats At Additional Cost.

ii)                Selling The New Additional Flats To The Prospective Buyers/Members At The Current Market Rate.

iii)             Giving Additional Flats On Lease/Rent Basis After Taking A Deposit From Them. Rent In Future Will Reduce The Outgoing Of The Members.

b)    By Individual Members And Common Developer:

The Redevelopment Project Will Generate Additional Flats As Result Of Reconstruction. These May Be Made Available To Members With Or Without Charges. Members May Be Advised To Sell Their Right To A Common Developer And Collect The Financial Returns Thereof Directly. It Has To Be First Resolved At The General Body Meeting That The Balance Fsi Available To The Society Belongs To Each Member In Proportion To The Sq.Feet Area Of His Premises. Each Member May Also Buy Tdr From The Open Market For Additional Construction.

c)   By Society Contracts With Developer:

Generally, An Arrangement Is Made Between The Society And The Developer Whereby The Developer Reconstruts The Buiding Of The Society And Gives The Members Their Rebuilt Flats Free Of Charge. In Some Cases, The Developer Also Pays An Agreed Sum Of Money To The Society Or To The Individual Members Of The Society.

d)   Outright Sale To Developer/Builder:

The Prospective Developer Pays Consideration To Members For The Sale Of His/Her Flat, As In A Normal Sale. Here, The Builder Purchases Flats From The Members In The Name Of His Relatives/Friends Who Are The Investors. The Society Continues To Exist But Will Be Under The Total Supervision And Control Of The Developer.