How Does It Work

The first steps are the most important!

The first item on the checklist for starting the Self Redevelopment project is establishing that the society is the owner of the land on which it stands. Once the fact is established, it is important to acquire the consent of all the society members and resolve in the favour of Self Redevelopment. When the consent is established, the actual process starts.

  • Appointment of Development & Project Managment Consultant

    It is important to have a team of professionals and consultants who will guide society members throughout the Self Redevelopment project. A Development & Project Managment Consultant is a specialist providing a single-window solution to Housing Societies for completing their Self Redevelopment Project right from inception to handing over the keys. The Development & Project Managment Consultant works with a team of professionals to provide all-around assistance to the society members to plan, design, and execute the Self Redevelopment project.

  • Self Redevelopment feasibility check

    This includes a detailed and comprehensive look at the condition of the property i.e. a structural audit of the Housing Society by a registered Architect/Engineer to determine if the building should go for redevelopment. For old buildings/housing societies that have completed 30 years to go under the ‘Self Redevelopment’ process, they have to be certified ‘Beyond Repairs’ by a Govt. approved Architect in the form of a Structural Audit Report.

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Acquiring funds

Housing Society Members can either avail of loans from Banks or capitalize on their funds to finance the Self Redevelopment work.

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Documentation and Approvals from relevant authorities

There is a long list of documents to be prepared for submission to different authorities to get permits, approval, and successful execution of the Self Redevelopment project.

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Arranging Bridge Funding to obtain IOD

While MDCC Bank funds up to 95% of the project cost, the remaining 5% of the amount is to be arranged by the society members on their own. Arranging bridge funding helps housing societies to kick start the initial stages of Self Redevelopment until the Bank loan is obtained.

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Managing conflicts and expectations of society members

Conflicts may arise among society members over any decision at any time. Periodic discussion of the progress of the project and acquiring consent from time to time keep these conflicts at bay.

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Appointment of Architects, Consultants, and Contractors

To successfully execute the Self Redevelopment, the society members need to appoint architects, consultants, contractors, chartered accountants, legal advisors, and other professionals who look into different aspects of the project. Appointment of the right team of professionals leads to unhindered execution of the project.

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Complete Construction

Once the professionals, documents, and funding are in sync, the Self Redevelopment project enters the execution stage. Due to the high degree of control afforded to society members, the construction is completed in time.

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Design and Product Mix

To design the Self Redevelopment according to the benchmarks of sustainability, technology, and innovation, there needs to be a right balance of design, finance, plan, and execution.

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Complete Construction

Once the professionals,documents,and funding are in sync, the Self Redevelopment project enters the execution stage. Due to the high degree of control afforded to society members, the construction is completed in time.

What You Need

  • Society resolution and 100% consent of primary Members
  • Plot ownership documents
  • Plot valuation documents
  • Existing structure’s survey
  • ITR copies – society and members
  • Society account at Mumbai District Central Cooperative Bank
How 2
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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.