Redevelopment of housing societies in Mumbai!
Known to be one of the expensive location for property and property rates are appreciating day by day and availability of open plot is scarcity builders today are looking at redevelopment of housing societies and unlock potential of unused FSI.
Old Societies in Mumbai where the FSI consumes is 1, are today looking at builders who can redevelop their society and in bargain the flat owner gets extra space and new building with all modern amenities
Many at times during redevelopment of housing societies / society are caught unaware when they don’t follow the process of redevelopment in Mumbai as laid down by the government of Maharashtra section 79 (a) of Maharashtra co-operatives act 1960
As per the government of Maharashtra sec 79 a clearly states that the society needs to appoint a Redevelopment PMC who will prepare a detail feasibility report
The feasibility report will give the viability of the project, financial benefit if any and how much extra carpet they can expect from the builder; this will help the society and builder to reach at an amicable settlement which would help the flat owners and builders both benefit
A redevelopment pmc would also guide the society in every step during the redevelopment procedure to check if the builder is following the right procedure as laid by the bmc and the government of Maharashtra
Redevelopment in Mumbai is a complex activity and society should take the help of a Redevelopment PMC and take consulting on timely basis
The society should also appoint a lawyer who will guide them on the legal procedure for redevelopment of housing societies