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Self Redevelopment

Becoming popular in a short span of time, a lot of society members are getting attracted towards self-redevelopment as it provides more benefits than conventional redevelopment to existing occupants. However self-redevelopment comes with certain degree of risk.

List of incentives being offered by government to promote Self-Redevelopment, through GR dated 13th September 2019. This incentives are for more than 30 year old society opting the path of self-redevelopment.

Option 01

Self-redevelopment has rapidly gained traction among housing society members, driven by its potential to deliver greater benefits to existing occupants compared to traditional redevelopment models. Despite its advantages—such as increased control, enhanced living space, and improved financial returns—it carries inherent risks that require careful planning and execution.


To encourage this transformative approach, the Government of Maharashtra has introduced a series of incentives under the Government Resolution (GR) dated 13th September 2019. These benefits are specifically designed for housing societies that are over 30 years old and choose to undertake self-redevelopment, empowering them to revitalize their communities with greater autonomy and long-term value.

 

  • Single Window clearance for approvals with in 6 months time frame.
  • Additional FSI or Carpet Area of 10%
  • Additional FSI (Free) for the projects located on less than 9.0m wide road.
  • Relaxation in premium, open space deficiency and premium instalment facilities.
  • Rebate in the TDR
  • Relaxation under LUC for society who finish the project within stipulated time frame.
  • Stamp duty of Rs 1,000/- in line with the PMAY registration guidelines
  • Tri-Party agreement between, contractor, bank and lender.
  • Monitoring committee of two society member and one member from financial institutions.
  • Related guidelines on appointment and scrutiny of contractor and action against him.
  • Relaxation on GST 

However, detail procedural guidelines are yet to be issued by each of the department based upon the above stated GR. You can download the copy of GR by clicking here

KEY STAGES

Responsibility Matrix

 

  • Conveyance and endorsement on Property Card
    Obtaining property title in the name of society from the previous owner/promoters and updating the property card.
  • Architect- PMC appointment 
    inviting proposal from a known architect PMC based upon reference or by floating a tender leading to the appointment of the appropriate consultant.
  • Feasibility study
    Structuring the project cost and revenue in a manner to maximize benefits for the society.
  • Design Development
    Based on the area finalized, unit plan and layout will be prepared for the members’ suggestion-objection/ approval.
  • Land and Revenue related works
    Obtaining the title search report and preparation of various under takings required for the IOD.
  • Other agreements (Members New flat, Sale Flat, TDR, etc)
    Obtaining a written consent for self-redevelopment and funding from the individual members.
  • Debt Finance
    Obtaining principal loan approval based upon the project report from scheduled/ co-operative/ nationalised banks.
  • Project Finance
    Preparation of a detailed project report for raising and exploring the best possible equity finance like under writing, SPV, land mortgage and bank letter/guarantee.
  • Accountancy and book keeping 
    Registration of the society under direct and indirect tax frame work and appointing a dedicated accounting team at site for book keeping and accountancy.
  • Building Permission
    Preparation of the unit plan and layout based upon the finalised area. Obtaining principal approval from the MCGM building proposal department and concessional approval from the development plan department and the municipal commissioner.
  • Estimation Tendering and Contractor Appointment
    Preparation of a detailed BOQ and estimate for preparation of tender based upon the latest MCGM /PWD schedule of rates and specifications as finalized by the general body under design development stage. Floating a tender with detail estimate, good for construction drawings, scope of work, escalation, selection method etc.
  • RERA Registration
    Obtaining the RERA registration and uploading all the relevant documents including CC
  • Vacating the premise
    On receipt of IOD and appointment of contractors
  • Sales and marketing
    Preparation of a comprehensive sales strategy, in line with the construction outflow, minimum loan requirement with pricing strategy and sales volume based on the market research. Preparation of a comprehensive vendor management plan and provision of required material for marketing.
  • Building Construction and Cash flow Monitoring
    Ensuring material and structure quality, workmanship, design implementation and progress monitoring for timely and qualitative construction of project.
  • Possession & enrolment of new members
    Once the necessary permissions such as municipal water supply connection, sewage connection, fire compliance certificate, lift compliance from the concerned agencies are obtained, the developer gets the Occupancy certificate from the BMC and enrols the new members to the CHS.