The Real Estate regulation and development act of 2016 was introduced and passed by the central government of India in order to safeguard home buyers and to also encourage investment in the real estate industry. Buyers’ grievances can be directed to MAHARERA for a quick resolution. The act covers the end to end process of purchasing a home, as well a redevelopment.

A Cooperative Housing Society may provide a limited power of attorney to a developer in order to obtain the necessary approvals. Some of the essential approvals needed (but not limited to) are: NOC from the chief fire officer, Traffic NOC, storm water NOC, NOC from BMC for water, NOC for a borewell, building proposal department’s approval, among others.

• A special general body meeting must in majority approve the redevelopment of the project.
• Appointing a legal and a project management consultant so that the housing society members are guided appropriately through the whole procedure
• Obtaining bids from various developers/builders.
• Vetting the bids, and accordingly selecting a builder/redeveloper who meets the required legal and financial requirements.
• Obtaining the necessary approval for the plans from various regulatory bodies, and then allotting the developer.
• Obtaining the necessary signatures on the documents required in order for the process to go ahead.
• Fulfilling all financial and other commitments, and then ensuring the building is vacated, and possession of the existing premises is handed over to the assigned developer/builder.
•  Once the redevelopment project is completed, issuing of the occupancy certificate, and handing over possession to the owners.

Any building which has not utilised 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 in mind:

• The financial stability of the developer
• Past performance
• If there is any litigation against the company / group of companies?
• Has the developer adhered to all statutory payments and compliances?

Transparency is one of the most important factors to be considered during redevelopment. All the necessary terms and conditions must be listed and documented beforehand. No conditions should be accepted orally. Illegal activities are absolutely not permitted during the process of redevelopment

There are several factors that go into determining the value of the offer. Each project’s feasibility varies on several things, some of which are the existing utilization of the building, the plot, and how it is connected to the road, and sometimes even if road widening is needed.

There are several factors that go into determining the value of the offer. Each project’s feasibility varies on several things, some of which are the existing utilization of the building, the plot, and how it is connected to the road, and sometimes even if road widening is needed.

Existing housing society members can purchase additional area from the developer. As existing members, they may be able to enjoy preferential rates. The payment terms will be worked out as per the progress of work. Member’s heirs may also purchase area and can become co-owners by availing housing loans if needed.

It does make candidates stand out if they can call on examples from other areas of their lives, such as internships, part-time jobs or extracurricular activities,’ Neemita Mepani, graduate resourcing partner at AMEC, reflects.Objectively pursue diverse catalysts for change for interoperable meta-services.

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

A cooperative housing society works on a majority and is not run by an individual. A majority of 75% votes is required to carry out a redevelopment project. No individual member for his personal gains can stall the redevelopment of a project

Once a developer is selected, and the development agreement is registered, it takes about six months to get the necessary permissions from the Municipal Corporation following which the construction can commence.