What is Self ReDevelopment?
Self Redevelopment of housing society is a Do-It-Yourself style redevelopment of a housing societies, old buildings and houses, where the members of the society take responsibility for redeveloping their society instead of a builder or developer.
The Government of Maharashtra, under the Self Redevelopment Scheme launched in January 2018, allows existing owners to undertake redevelopment projects of old societies/buildings. The residents can themselves appoint a development manager, seek bank loans, execute the redevelopment projects and build a future home for themselves.
Why Self ReDevelopment?
Self Redevelopment has various advantages over Builder-led forms of redevelopment and is a more efficient way of redevelopment for housing society, old buildings and houses. Self Redevelopment calls for all legal rights to the building to be reserved by the society and bring high transparency and direct coordination with the Development & Project Managment Consultant in place.
All aspects of the redevelopment in a Self Redevelopment project is decided by the society and for the society. It also aids better efficiency in management of funds throughout the project from the cost of finance and release of funds to the profit from sale of surplus flats. Self Redevelopment is directly managed by the society making less room for chances of delays in construction and causing completion of projects in time.
How does Self Redevelopment Work?
Self Redevelopment begins with the society
- Appointing a Development & Project Managment Consultant to assess the feasibility of the project.
- Arrangement of Bank Finances
- Appointment of Contractors, Consultants, & Architects
- Fulfillment of Documentation and Obtaining Approvals
- Vacating the society & Completion of Construction
- Selling of Flats and Repayment Of Loan
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What Client's Say?
Self Redevelopment with Verite allowed us to build a society as per our needs. We are now a self-sufficient unit with all the services within the premises, something we never thought would be possible.
The best decision we took was to go for Self Redevelopment. Verite offered us all the services and guidance and made sure to meet the targets and timelines efficiently.
Hiring Verite and undergoing the process of Self Redevelopment led to the creation of this space that is sustainable and modern enough to meet the demands of the next few years.