Why Go For Self Redevelopment?

Your Society, Your Rules!

Self Redevelopment is gaining recognition at a fast pace amongst housing societies in Mumbai. Societies can avail of loans from banks for the project and can appoint architects, consultants, and contractors to carry out the work as per their requirements. Effectively cutting out the builder from the process, the scheme ensures transparency, safety, and more control to the Society to oversee redevelopment with a quality outcome.

• Complete Control in the hands of Society Members

  Society Members have complete control over the project where they can plan, execute and set development standards as per their needs. The society members don’t just enjoy the legal rights to the project, but can also decide the quality of construction, fix milestones of work, set development standards and choose the amenities they want to have in the self redeveloped society. Right from parking spaces, play areas and community centers to the security systems, green-living and tech additions for additional safety—members enjoy complete control of everything involved in redevelopment.

• Retaining Ownership

  Traditionally in the builder-led redevelopment, the legal rights to the property were transferred to the builder, leading to stalled projects and the entire process being under the control of the builder. But under the Self Redevelopment Scheme, Society Members retain their ownership over the property and reserve the right to take decisions as per their choice.

• Easy Funding

  Almost 95% is covered by the Mumbai District Central Co-Operative Bank Ltd. (MDCC Bank), including rent to be paid to the society members for alternate accommodation. Housing Societies can get funds easily for Self Redevelopment at 12.5% p.a. The rate keeps varying with time, but it’s lower than what most builder-developers charge from societies. Funding disbursements are provided by the bank after due verification of documents only, and so banks credit the amount to the Societies Escrow Account from which the concerned members can make payments when milestones are achieved.

• Reduced Risk

  Any issues regarding parking spaces, under-hand dealings, funding, stalling of projects, or even selling of common spaces are avoided. Members of societies enjoy the power to make their own decisions and resolve the matter internally. Redevelopment projects are completed in time (sometimes before schedule), thus saving rent for members too.

• Efficiency in Execution

  Unlike the builder-led development, Self Redevelopment projects are personal to the Housing Society Members and thus are executed with greater attention to detail, better decision-making, and efficiency in disbursing funds, quality check, and control. Self Redevelopment projects achieve efficiency in execution, better and personalized designs, innovative solutions, and tech-led futuristic additions to housing societies.

• More Corpus, Rent & Carpet Area

  Members may get an extra carpet area of up to 30% (approx) as compared to builder-led development. The surplus created by selling off extra flats is also higher as no part of it is shared with the builder.

• New Amenities in the Society

  Self Redevelopment of housing societies brings an opportunity for members of the society to add new-age tech innovations to the property and equip it with amenities that were not there decades ago. Societies can build Energy-Efficient Homes, Efficient Water Harvesting & Management Systems, Green living, better safety features, smart home solutions, and many new amenities to match today’s lifestyle.

• No Delays

  Where the builder-led redevelopment process makes members of the housing society dependent on the builder for important decisions, execution, and progress of work, Self Redevelopment is a personal project which the housing society members can undertake on their own. The onus of decision making, execution, and progress is bestowed on the members and thus unnecessary delays can be avoided; ensuring the timely completion of redevelopment work.

Self Redevelopment Vs BUILDER-LED REDEVELOPMENT