Redevelopment!!! What is in it for you?

Redevelopment!!! What is in it for you?
Veena Ramakrishnan

With the ongoing reports about buildings in Mumbai falling off overnight strength of a building in which we live has become a major concern. These are not just the ones built 80 to 100 years ago but even the ones as recent as 30 to 40 years old. These buildings too are facing acute problems like leakages, weak beams and columns, rusty iron bars etc. With the growing rate of awareness among society members with respect to problems related to buildings quiet a few of them are going in for either high cost renovation or redevelopment.

Redevelopment basically means reconstruction of a building by demolishing the existing structure and the construction of a new building with the potential of the land. it is best suited in a city like Mumbai where people have no time and energy to take care of the entire situation like in the case of renovation. The other advantage that redevelopment has over renovation is that it lasts longer as you will now live in a new building and also that one has the latest amenities in our new homes. Also there is increase in property value, increase in flat value and increase in carpet area.

But what are the procedures that one has to perform before one goes for redevelopment and what are the amenities that societies can avail from the builders is the question that irks the mind of members and creates apprehension in their minds towards a redevelopment proposal.

Steps to follow prior to redevelopment

Take all members of the society into confidence.
Make sure that all members of the society approve of this kind of a proposal. Even a single member’s disapproval could lead to abortion of plan. See to it that all members are informed about the various meetings and proposals of the various contractors.

Ownership in society’s name
Make sure that the ownership of the plot is in the society’s name and not the original builder or the land owner or someone else. The plot has to belong to the society otherwise it could lead to complications, as the plot has to be transferred in the name of the builder (one who redeveloping it) for him to construct.
Now a days almost all builders take onus and responsibility of the paper work with the BMC that has to go through before the plan takes action.

Always verify
Always verify the builder and his past and their work before singing a contract and transferring the plot to their name.

Claim your privileges
Claim your privileges from the builder ask him as to what are the benefits that you will enjoy once you gain possession of your new flat. What are the extra amenities that he is going to provide you with? Always remember you are on the gaining side and not the losing end. Discuss it closely with him.

Apart from the usual extra space better value and substitute accommodation provided by almost all builders there are others too that you can avail depending on your plot size, the FSI that your building can avail, the area and for course your builder. Here is a list of these extra facilities that you can get from your redeveloper, be it in architecture, features recreation or facilities.

Architectural amenities:
Earthquake resistant design for buildings
Productive plan for new flats
Natural light and Air ventilation
Modern and better elevation
Well planned infrastructure

Features;
Grand entrance lobby
Modern amenities in rooms
Exclusive society office
Better view from flats
Spacious common passages and staircases

Recreational facilities:
Ample car parking space
Health club and gym
Landscape garden for recreation
Separate children’s playground for children

Other facilities:
High end security systems
Stand by generators
Fire fighting systems
Anti termite treatments
U/G tanks with submersible pumps having sensors
Provision for Piped Gas, Cable TV, Telecom, Internet.