Truant developers, long gestation periods, and spike in cost estimates are driving more and more societies to go for self redevelopment
Whether to fulfill the wish to reside in a bigger home or to save oneself from the dangers of a dilapidated building, redevelopment remains a frequent demand of most residents of old buildings and societies. While the need is crucial and the want justified, there is no denying that redevelopment can take decades.
One look at the records makes it amply clear that more often than not, redevelopment has taken decades, while residents lamented in transit camps, or stayed on rent. Though developers provide the rent amount, there have been several instances when the residents did not receive it for months or even years. These issues have pushed many residents to opt for self redevelopment. Mumbai's first ever story of self redevelopment is that of Nagari Nivara Praishad.With the benefits of it coming to the fore, more and more people are considering to go for self redevelopment.
Take the case of Shailesh Vihar Apartments near Bhagwati Hospital in Borivali for example. Tired of truant developers, this housing society took a loan of Rs 110 crore to carry out self-redevelopment. The society members say, once redeveloped, they will get homes that are 48 per cent bigger than the existing ones; also they will make a profit of Rs 20-25 crore from selling or renting out the extra flats. Another building in Chembur is also going for self redevelopment.
Nowadays, some institutions, especially banks, are coming forward to help such groups financially. Mumbai Bank claims it has sanctioned loans worth Rs 362 crore to nine co-operative housing societies for the purpose.
Advocate Vinod Sampat, an expert in real estate and cooperative matters, says that trust among each other is the basic necessity for successful self redevelopment. He adds that having a property card in the name of the society is important and that members taking the lead must study all details about redevelopment in details.
THE STATE OF AFFAIRS
There are nearly 10,000 buildings in Mumbai that require redevelopment
Rs 362 crore — the amount sanctioned by a district cooperative bank to self redevelop 9 societies.
DCR 33 (7) — The most suggested framework for societies going for self redevelopment. In the year 1991, the Govt framed the Development Control Regulations for Mumbai. Under these Regulations, the Rule no. 33(7) was formed for redevelopment of cessed buildings in the Island City of Mumbai and the provisions of the policy of 1984 were incorporated in it.
HOW TO GO ABOUT IT?
The foundation stone of any self redevelopment work is trust. You need to trust your neighbours and society members.
Next, think about the financing. The members need to decide if they want a bank loan or they want to go ahead with contribution from fellow residents.
Property card should be in the name of the society for everything, including bank loans.
People taking the lead should study the laws related to redevelopment very well.
The society should appoint a Project Management Consultant to look after the redevelopment and its details
The society must appoint reputed contractors to ensure integrity
Dumping rubble becomes an issue; this should also be discussed in advance to ensure there is a proper disposal site for the debris. A go ahead from the Brihanmumbai Municipal Corporation for the same is necessary
All members should be taken into confidence before taking any major decision.
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