Housing redevelopment refers to the process of reconstructing a residential property by demolishing the present structure and building a new one, in accordance with the Municipal Corporation of Greater Mumbai's permissions (MCGM). The reconstruction offers members a brand-new, larger residence as well as monetary benefits. High-tech security systems, gymnasiums, and parking garages only increase the desirability of the property.

Redevelopment functions best when a society is in desperate need of major repairs but lacks the funding for them. Once a property over 25 years old is designated as dilapidated by a government architect, it can be put up for redevelopment. The aged building of a Society may be rebuilt in accordance with the Maharashtra Apartment Ownership Act (MAOA), provided that at least 51% of the members approve.

Redevelopment is considered more sustainable than repairs. Repairing a 25-year-old structure will add only three or four years to its lifespan. It is not economically or structurally possible. With a brand-new property that includes amenities and a wider area, the likelihood that you will receive excellent value for your money increases dramatically. Additionally, you as a society member have the option to request an additional room in your apartment from the developer, which will benefit you in the long run.

As long as ground rules are adhered to, the rebuilding process, despite being tedious, carries with it a bigger benefit than you may imagine.

Things to keep in mind when your housing society in Mumbai goes for redevelopment:

Get A Legal Opinion

Before signing any kind of contract with a builder, you should always get a legal opinion first. In most cases, the selection of a builder is preceded by the preparation of a comparative chart that includes factors such as technical capability, experience, financial status, quality of construction, and successful completion of projects. Once the contract has been drafted and reviewed by an experienced solicitor, it should mention the obligations of both the builder and the society, as well as the appropriate penalties in the event that either party breaches the contract.

Check if The Project Is Backed By RERA

The RERA Act, which was enacted in 2016, requires that the project complies with its provisions. Check to see that the RERA website has the most recent and accurate information regarding the project timelines and specifics.

Right To Security Deposit

It is the responsibility of the developer to provide a security deposit to the members of the society that is equal to the whole cost of the redevelopment.

Right To Alternative Accommodation

The developer is accountable for providing alternative housing to the members of society, most probably, in the same location. Members may ask the developer for reimbursement of their relocation expenses.

Keep In Check The Necessary Documents

If a society wants to engage in redevelopment, it must first get the following documents: a title certificate, an agreement, a copy of the society's resolution, an original construction plan, and a lease deed or sale deed. The process calls for additional prerequisites such as a property card and a NA order, which stands for non-agricultural order. The name of the society needs to be listed as either the owner or the subsisting lessee on the property card that is maintained by the City Survey Office. If this doesn't happen, society won't be able to participate in the redevelopment project since the Municipal Corporation won't allow the demolition and reconstruction of existing buildings.

Keep In Check If All Rules Are Followed

Builders frequently disregard the FSI (Floor Space Index) rules by unlawfully designing and constructing additional areas that are in excess of what they are entitled and authorized to do so. It's possible for the buyers of such illegal homes to find themselves involved in negotiations that lead to legal action. So it's better to be careful and keep in check if all the rules are followed appropriately.