Shadow

Redevelopment Of Co-Operative Housing Societies

Redevelopment Of Co-Operative Housing Societies

With property prices reaching a new high, residents of older buildings are discovering that they have the opportunity to derive tremendous value from their property by submitting it to a builder/developer for redevelopment. Builders are also looking for properties with unused development rights where they can build a new structure several stories higher and sell these additional flats for themselves for a tidy profit. While it may seem like a typical ‘win-win’ situation, the redevelopment process is not as easy as it sounds. It comes with a set of rules, procedures and implications that you need to understand.

Redevelopment Of Co-Operative Housing Societies
Redevelopment Of Co-Operative Housing Societies

Redevelopment Of Co-Operative Housing Societies

It goes without saying here that the Redevelopment of residential communities is often filled with complaints of bitterness and rudeness and corruption against the Management Committee. Therefore, in order to ensure transparency in communities wielines that communities must follow under section 79(A) of the Maharashtra Cooperatives Act 1960. Redevelopment Of Co-Operative Housing Societies.
The final guidelines are issued by a committee made up of the cooperatives commissioner and CIDCO chair, following in-depth examination of complaints made by members of Housing Associations undertaking the redevelopment of their properties. According to an important feature in the guide, a redevelopment plan must be approved by the general assembly only if three-quarters of the community members are present at the meeting.

The issue of redevelopment has gained great importance because most of the buildings belonging to Cooperative Housing Societies in Mumbai are quite old and in dilapidated condition. In case of redevelopment of old buildings that are over 30 years old or beyond repairs approved by the Government. Certified architect on the basis of “Structural Control”.

The first and most important step before entering for redevelopment will be the structural inspection of the building. The structural inspection report will determine whether the building will be entered for redevelopment or major repairs. In the absence of the technical report, it is not legally permissible to take a decision at the general assembly meeting. However, it is also a fact that many cooperatives suddenly convene the General Assembly and decided for redevelopment in the absence of the structural inspection report.

Redevelopment Of Co-Operative Housing Societies

Redevelopment Of Co-Operative Housing Societies
Redevelopment Of Co-Operative Housing Societies

There are two important things in a Resident/Developer edit. One from a commercial standpoint, the other from a technical standpoint. A Developer usually provides a certain amount of cash through a corpus, an additional domain, or a mix of both. It can offer alternative accommodation for your temporary stay, pay your rent, or give you a monthly compensation to find your temporary accommodation.

Before meeting with a Developer, you should determine the market value of the property that you will receive upon completion of the redevelopment. This is a better approach than quoting a random number that will make the builder feel inadequate or the high amount will embarrass the builder on the new project.

The technical aspect refers to the finished product. Does it match the quality and terms and conditions guaranteed by the builder? In fact, at the contracting stage, residents of the community must appoint a lawyer to draft and finalize the contract. It usually takes a year for a builder to convince members of the community and get approval in principle. Members of the association must ensure that the project, which is the most important detail to be specified in the contract, is completed on time.

The main parties involved in any redevelopment project are the Community and the Developer.

Committee Members who do business on behalf of the cooperative housing community are mostly non-technical and lay people. Redevelopment Of Co-Operative Housing Societies.

For this reason, it is very important to meticulously prepare the tender/contract so that there is no possibility of conflict and/or difference between both parties. Excellent skills and vast Legal and Technical knowledge are required to prepare such an important document. It is essential to seek the services of a professional who is both legally and technically qualified and has the vision to anticipate future problems and requirements.
In any redevelopment plan, the primary goal is to provide a guarantee of performance. Performance is mainly in the area of on-time construction, quality control, and adherence to rules and regulations.

Redevelopment Of Co-Operative Housing Societies

The best way to select contractors is to invite closed tenders via a public notice, and such tenders must meet the basic eligibility criteria specified. This will provide more transparency in developer selection. Brief details and advantages of the tender process are given below. Redevelopment Of Co-Operative Housing Societies

BRIEF DETAILS ABOUT THE TENDER

– Technical, Commercial and Legal conditions, detailed Specification and offer etc. Preparation of the Tender Document, including
– Advertising

Leave a Reply

Your email address will not be published.