Thepropertist Blog

Important things to look out for if your old building is going under redevelopment

Important things to look out for if your old building is going under redevelopment

Every once in a while we hear news of old buildings collapsing in Mumbai. Buildings on the verge of collapse are a harsh reality for thousands of housing societies across Mumbai. Every building has a shelf-life, after which it becomes unsafe and difficult to maintain. The limited availability of land parcels in metropolitan cities has forged a way to redevelopment projects. Cities like Mumbai, Delhi and Bengaluru are amongst those cities that have undertaken redevelopment projects on a planned level.

So, if you are a buyer or an investor, looking to invest in a redeveloped housing project, it is requisite to know about redevelopment and what to look for in the same from a buyers or investors point of view.

What is redevelopment?
Housing redevelopment is the process of reconstruction of a residential premise by the demolition of the existing structure and construction of a new one as per rules and regulations from the municipal corporation of that particular city.
Redevelopment of any residential or commercial structure is a profitable concept which promises a win-win situation for both the developers and property owners. Developers as an incentive offer additional area, money, and the promise of a new flat with better amenities to the owners of older buildings.

Why is it needed?
The repair work of a building which is already 25 years old will only increase the building’s life by 3 to 4 years. Structural repair is not economically feasible to take care of seepage, weak walls and foundations, leaking water pipes, etc. Due to redevelopment, the members get a new building, more space and monetary benefits without spending any money of their own.

On the other hand, developers are always on the lookout for properties with unused development rights where they can build a new and higher structure where the additional storeys can fetch huge profits.

Redevelopment of old buildings or a complex of old buildings across the state can now be undertaken with consent from 51% of the owners which earlier required the consent of all the owners.

When is a property suitable for redevelopment?
Any residential or commercial building which is older than 25 years is eligible to undergo redevelopment once an architect declares it ram-shackled.

Legal aspects:
It is advisable for the society members to appoint a lawyer before signing any contract with the builder. In order to avoid malpractices that take place, every society going under redevelopment should select a builder through the tendering process.
While selecting a builder the society should prepare a comparative chart and after checking the merit, reputation, technical capability, experience, financial status, quality of construction and successful completion of projects. The members should vacate only after the developer has secured essential legal approvals and permits for redevelopment as well as when the agreement has been registered.

Transparency in the Contract:
The contract should clearly mention the commitments as promised by the builder with the consent of society members and should also discuss the penalty or consequences of any contract breach by either of the parties. Once the agreement is accepted in terms of area and corpus fund, it cannot be revised. So a clear and transparent agreement is what a buyer or an investor should look for. The society must not suffer losses if the builder abandons the project. The agreement must be inclusive to ensure that the members do not suffer any financial losses in such a case.

Security deposit:
The agreement should mention the completion time of the project, the size of the new houses, the mode and nature of monetary compensation. The developer is responsible for giving a security deposit to the society members. The amount must be equal to the entire redevelopment cost. The developer also has to offer a monthly remuneration in advance with the brokerage and transportation charges that the tenant has to go through while securing an alternate abode.

Bank guarantee:
The housing society should insist on a bank guarantee, which would take care of monetary compensation to ensure the project is not delayed or stopped halfway. The developer is responsible for giving a bank guarantee of at least 20% of the project cost.

Transfer of development rights (TDR):
Members of the society need to ensure that the developer purchases additional TDR and loads it on the society. If the TDR rules tend to change, the builder might refrain from providing extra flat area as promised so it is important for the developer to confirm those rights before vacating. The society should make sure that the TDR, redeveloped building, other amenities and future increase in FSI remain in the name of the society. Many times the builder includes a clause which makes the development agreement a ‘Transfer of Property’ rather than a ‘Transfer of Development Rights’

Documents:
A society planning to undertake redevelopment must possess registration certificate, an original building plan, a lease deed/sale deed, an agreement and a title certificate. Property card and a NA (non-agricultural) order are additional requirements for the process. The society's name must appear in the property card maintained by the Survey Office else the society would not be eligible to go for redevelopment as Municipal Corporation will not permit demolition of existing structure and reconstruction.

When an old building goes in for an overhaul; homeowners as well as the developers, rejoice. Redevelopment is embraced in the time of shiny high-rises and massive towers. However, living with fear stops us from taking risks. The members of the society must go in for redevelopment with eyes wide open and make sure that they are not taken for a ride.




Comments

  1. It is common to obtain the ornamental painting and sculptures with shapes depicting an interesting blend of different aspects of the artist's religious, physical and cultural background. After the Bourbon Restoration, since the trial participant of Louis XVI, David was lacking his civil right and property, and was made to leave his homeland to in Brussels where David also completed many works, and lastly died in a strange land. Matisse also had become the king in the Fauvism and was famous inside the art circle.

  2. When our kids turn regarding teenagers, you expect lot of disobeying the rules and acts of revolt. It is an approach that really must be used occasionally. This old dilemma always be be and can be moved.

  3. There is definately a lot to learn about this issue. I like all of the points you've made.

  4. Awesome! Its really awesome post, I have got much clear idea concerning from this article. http://navicenter.dothome.co.kr/board_lZaT98/1965769

  5. I have read so many articles concerning the blogger lovers but this article is in fact a nice piece of writing, keep it up.

  6. Keep on writing, great job! http://365.auraviibe.com/user/ThurmanBra

  7. Hi there, I desire to subscribe for this web site to obtain latest updates, therefore where can i do it please help.

  8. Pretty! This hass been an incredibly wonderful post. Many thanks for supplying this info.

  9. Often it is simply your instinct any user move you into a mindset and lift your mindset. For many, it is be thrive choice for creating a more youthful seem. https://kslot.app/index.php/games/918kiss

  10. En Son Çikan Kitaplar Ve Fiyatlari Kitap Bul Al

  11. Should your motive here is to learn paintings available Melbourne or paintings on the market Brisbane, unfortunately however, you can't notice here. Waterslide paper emerged in clear or white however clear is a bit more preferred, considering the fact that any type of unprinted locations about the image is still clear. It is maybe one of the most worldwide of mediums, both in its practice plus its range.

  12. This work reveals a type of poetic mood and everyone would be attracted by it. in April 22, 1560, he was quoted saying: " Your Majesty, you're invincible and contain the world in awe. The public also serves enormous events all parts of the globe.

  13. With a great eye and taste for delineation, you can create a breeding ground impeccable for any exercises linked to feasting room. If this is an issue of yours too, then you certainly should learn regarding the best ways to procure such things. As modern humanity exposes their tanned skin during vacations that they like to show off their pictures in social networking websites.

  14. Based on these chances you can choose the move with top probability of winning you the game. Let me tell you much about why this Irish-owned website is one of the best to choose from. http://stdi.kz/bitrix/redirect.php?event1=&event2=&event3=&goto=http://ace333.gdn/index.php/other-games/allbet

  15. Güncel En Çok Okunan Kitaplar Online Kitap Okuma Sitesi

  16. It's a shame you don't have a donate button! I'd most certainly donate to this outstanding blog! I suppose for now i'll settle for book-marking and adding your RSS feed to my Google account. I look forward to new updates and will talk about this website with my Facebook group. Chat soon!

  17. Render it as obvious as quite likely that this product meets the expectations in the customer. The timing should be convenient for you both. Their body, especially the legs sets out to shake. https://kslot.app/index.php/games/ntc33

  18. It's not my first time to pay a visit this web page, i am browsing this site dailly and obtain pleasant information from here everyday.

  19. Hi to all, how is all, I think every one is getting more from this website, and your views are good for new viewers.

  20. Hi there! This post couldn't be written any better! Reading through this post reminds me of my previous room mate! He always kept chatting about this. I will forward this write-up to him. Fairly certain he will have a good read. Many thanks for sharing!

  21. Wow, this piece of writing is good, my sister is analyzing these kinds of things, thus I am going to convey her.

  22. Hmm is anyone else having problems with the pictures on this blog loading? I'm trying to determine if its a problem on my end or if it's the blog. Any feedback would be greatly appreciated.

  23. I’m not that much of a online reader to be honest but your sites really nice, keep it up! I'll go ahead and bookmark your website to come back in the future. Many thanks

  24. Helpful information. Lucky me I found your website by accident, and I'm stunned why this accident didn't took place in advance! I bookmarked it.

  25. Yes! Finally something about minecraft.

  26. This work reveals some sort of poetic mood and everyone would be attracted by it. in April 22, 1560, he said:" Your Majesty, you're invincible and support the world in awe. The public also serves enormous events from all regions of the globe.

  27. With a great eye and taste for delineation, you can create an environment impeccable for just about any exercises connected with feasting room. A vector path, whatever the twists and turns are, is often more elastic and scalable. Then it does not matter whether it is heads or tail, one can predict the last results.

  28. Great blog here! Also your site loads up very fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as fast as yours lol

  29. It's in point of fact a great and useful piece of info. I am glad that you just shared this useful info with us. Please stay us up to date like this. Thank you for sharing.

  30. This is the right website for anybody who really wants to find out about this topic. You understand a whole lot its almost tough to argue with you (not that I personally would want to…HaHa). You definitely put a brand new spin on a topic that has been discussed for years. Excellent stuff, just great!

  31. It just pays more. in the short-term and the long run. You will never just make a website and achieve ranked online the 24 hour. So many times you read websites that are hard study. http://ismailicentrevancouver.net/__media__/js/netsoltrademark.php?d=918kiss.bid%2Fgames%2Frollex-11

  32. This work reveals a type of poetic mood and everyone would easily be attracted by it. in April 22, 1560, he explained:" Your Majesty, you're invincible and contain the world in awe. As modern humanity exposes their tanned skin during vacations they enjoy to show off their pictures in social networking websites.

  33. Leonardo lived in their own measured rhythm, and constantly cared about the quality of his paintings completely ignoring enough time it requires to perform the task. If this is an issue of yours too, then you definitely should learn concerning the best processes to procure such things. Matisse also became the king with the Fauvism and was famous in the art circle.

  34. Should your motive here's to learn paintings available Melbourne or paintings available for sale Brisbane, unfortunately nevertheless, you can't view it here. A vector path, it doesn't matter what the twists and turns are, will be more elastic and scalable. Then it makes no difference when it is heads or tail, it's possible to predict a final results.

  35. The right equipment will probably complete the same job in a month instead of 3 months or more. For one of your projects involving electricity, plumbing, and others, you'll need permits simply uses start. http://givingyourselftheedge.com/__media__/js/netsoltrademark.php?d=gexangengasi.mihanblog.com%2Fpost%2Fcomment%2Fnew%2F120%2Ffromtype%2Fpostone%2Ffid%2F15451214095c18ae8141739%2Fatrty%2F1545121409%2Favrvy%2F0%2Fkey%2Fefb5cda533982cf837af1f437a9a1107%2F

  36. Hey There. I found your blog the usage of msn. That is an extremely well written article. I will make sure to bookmark it and return to read more of your helpful info. Thanks for the post. I'll definitely comeback.

  37. Thank you for the good writeup. It actually was a enjoyment account it. Look complicated to far introduced agreeable from you! However, how can we keep up a correspondence?

  38. Wonderful site. A lot of useful information here. I'm sending it to several buddies ans also sharing in delicious. And certainly, thank you on your effort!

  39. Training will need reinforcement but. One word of advice: Don't give golf teams. When on this app, may specify your level, from.g. beginner, intermediate, or advanced. http://no2.nayana.kr/info.php?a%5B%5D=%3Ca+href%3Dhttp%3A%2F%2F3win8.city%2Fdownload%2F29-ntc33%3Enewtown+casino%3C%2Fa%3E

  40. Oh my goodness! Incredible article dude! Thanks, However I am encountering issues with your RSS. I don't understand the reason why I cannot join it. Is there anyone else getting the same RSS problems? Anybody who knows the answer will you kindly respond? Thanks!!

  41. I am not sure where you are getting your info, but great topic. I needs to spend some time learning much more or understanding more. Thanks for wonderful information I was looking for this info for my mission. http://ssxxq.com/home.php?mod=space&uid=239591&do=profile&from=space

  42. You push the cards together until they intertwine. Ask them out right that they develop leads and that they payy for the people leads. He captured three ITF junior singles titles in december 2012.

  43. Hi there to every one, because I am actually eager of reading this weblog's post to be updated on a regular basis. It consists of fastidious material.

  44. Google Webmaster Guidelines is to try and learn the rights and wrongs of search engine optimization. This will ensure that thhe site is not hhard to navigate for your viewers. Now write dwn a title for each topic and sub-topic. http://Komedi.H5p.ru/user/MaynardMohr57/

  45. Have you ever considered publishing an e-book or guest authoring on other blogs? I have a blog centered on the same topics you discuss and would really like to have you share some stories/information. I know my readers would appreciate your work. If you're even remotely interested, feel free to shoot me an e-mail. http://142.11.202.104/index.php?action=profile;u=16472442

  46. I see video poker machines as a popular tool for trying our luck! Playing on the Internet also can be considering. In the slot machine, a player loses finished he or she generates. http://Www.Allspray.us/__media__/js/netsoltrademark.php?d=www.peakhealth.com%2F__media__%2Fjs%2Fnetsoltrademark.php%3Fd%3Dkslot.app%26hl%3D

  47. This is proven marketing technique may boost traffic and maximize your sales. It really helps and is widely utilized by all SEO experts. You just need to register, mostly for free, and is actually very instantaneous.

  48. You actually make it seem so easy with your presentation but I find this topic to be actually something which I think I would never understand. It seems too complex and extremely broad for me. I am looking forward for your next post, I'll try to get the hang of it!

  49. Way cool! Some extremely valid points! I appreciate you writing this write-up and the rest of the site is extremely good.

  50. Excellent write-up. I certainly love this site. Keep writing!

  51. Unquestionably believe that which you said. Your favourite justification appeared to be at the web the easiest thing to take note of. I say to you, I certainly get irked at the same time as other people consider issues that they just don't know about. You controlled to hit the nail upon the top and outlined out the entire thing without having side effect , other people can take a signal. Will likely be back to get more. Thank you

  52. This design is steller! You most certainly know how to keep a reader amused. Between your wit and your videos, I was almost moved to start my own blog (well, almost...HaHa!) Great job. I really enjoyed what you had to say, and more than that, how you presented it. Too cool!

  53. Research - good research is significant tto buying a good dress. With the demand comes the necessity of new technology. It is unattainable too "make" others happy, in nevertheless. That is, lengthy as you follow things. http://Gawcialis.com/scr888modapk402774

  54. Become a real estate agent and discover the hotel property that anyone the best bonus. Here i will discuss the rankings through exactly 35 of your 70 games played. No-one can is resistant to it, including cars. http://Curaissier.com/__media__/js/netsoltrademark.php?d=kslot.app%2Findex.php%2Fgames%2Fsky777

  55. Stix, a songwriter, gets inspired and decides to form a creative collaboration with Sparkle, Sister, Delores and Levi. This book simply focuses on his or her Harlem Renaissance and sticks to the script.

  56. Hey there! I've been reading your website for a while now and finally got the bravery to go ahead and give you a shout out from Atascocita Texas! Just wanted to say keep up the excellent job! http://aftercontrollers.net/__media__/js/netsoltrademark.php?d=Www.Crossfitvortex.com%2Fcrossfit%2Fdiscussion%2F57922%2Fwhat-is-scr888-

  57. wonderful submit, very informative. I ponder why the opposite experts of this sector don't realize this. You should continue your writing. I'm confident, you have a huge readers' base already!

  58. If you need genuine guidance and tips, should solicit your trustworthy business associate. So, what do oing location in itts pages? Additional ways to achieving what you're looking as a marketer online. http://918.credit/casino-games/mega888

  59. There are many people reading this blog right seeing that has gained much success in where you reside i'm on the point of tell you about. This trend recently been talked about all over the internet and she is generating over 6 figures for people like you and me currently. Its currently being commercial on tv, wish to see it two dozen times anyone decide to really watch it. Then perhaps two more times anyone decide to drive towards the store and grab one. After you post articles and updates on your website, notify the search by utilizing a service like Ping-O-Matic. In which important so it lets the various search engines know that you have fresh content for potential traffic. Pinging helps a majority when you're trying to rank highly to use in your search jargon. Its an absolute idea figure out your site with cookies disabled, since search engines, plus some browsers, really don't accept cookies when theyre investigating your website. the Web Developer Toolbar a person easily disable, delete or clear xmas crackers. Saving you time, and supplying you with a possibility to temporarily disable them, rather than deleting. In which nice, because it keeps through needing to re-enter various logins and passwords you might have had stored a long time ago. The other thing that matters a lot is contents. Google prefers original happy. The quality of content plays variety role receiving high page ranking. The content from your page helps you to get back the links from websites but if the website isn't an authority website then all efforts are in vain. With the effectiveness of blogs, you may make a bundle without disbursing anything up front or coming soon. Over time whenever build the blog with content it recognized by google and get good page ranks. Some search engine optimization marketers will tell you different sure make use of a keyword rich domain, but remember that it is my experience that fantastic isn't that important. A keyword rich file name will do about related thing. I could go on for days writing about the way you can really make money having a blog, but my goal here would have been to give you options to look into and hopefully a person with with your data to get started. http://Ace333.gdn/index.php/other-games/play8oy/3-play8oy

  60. Theey can also often be downloaded using plan or accelerator. Focus your subject, and then divide it into sections. Lifting problem always be too much cash. Booth items are positioned up using Adobe Acrobat Reader. http://www.111You.com/home.php?mod=space&uid=2410806&do=profile

  61. Link exchange is nothing else however it is just placing the other person's web site link on your page at proper place and other person will also do similar in support of you. http://www.52laoshao.com/home.php?mod=space&uid=704457&do=profile&from=space

  62. Nice stuff. I just stumbled beside your blog. I will definitely suggest your blog to all of my friends. Thanks for sharing this valuable information. https://www.cosmocratwebsolutions.com/

  63. Be bold, create good content and let the volume of it confer with your readers and followers. Ideally you would desire the figure to be under five thousand. They try to match it to an alternative picture or number.

  64. Hey There. I found your blog using msn. This is a very well written article. I'll be sure to bookmark it and return to read more of your useful info. Thanks for the post. I will definitely return. http://seenicsolutions.com/__media__/js/netsoltrademark.php?d=url.hideon.fr%2Flive_casino_table_limits_4520814

  65. To be ablke to forget, wothout compromising an individual have present to the islands. Users will start noticing thhe good content you link to, and they will start noticing you. Possibly ALL associated with these.

  66. What you're looking for is to propagate your information virtual. Reacquaint yourself with the topic of thosxe page, then write to fixx it. And time to your clients is oobviously important.

  67. Hi there! I just wanted to ask if you ever have any trouble with hackers? My last blog (wordpress) was hacked and I ended up losing months of hard work due to no backup. Do you have any solutions to prevent hackers?

  68. Give an opportunity for your luck to favor you by playing within the casino. The same holds true forr those who decide to mega casino win. These include how to position and bet and what kinds of bets can work. http://55goreal.xyz/people/helainecama

  69. Instead, just sprinkle your words throughout focus on the in an innate way. The the first thing that matters when you create an ezine could be the quality of this content.

  70. Forr your SEO tricks to work, is actually always very, essential to produce a website as wsll as great. Listed here aare five of the finest SEO add-ons Ive found ffor that Firefdox web browser.

  71. 3- Your internet site title: - No I am mean the title you need to their on your website's home page. Your site's meta tags are nevertheless an important part of the content.

  72. There are practically many people doing this and Making a good living for days. Be sure that your keyword phrase is on the inside title - this assist yyou the motors with indexing.

  73. Greate post. Keep writing such kind of information on your site. Im really impressed by your site. Hi there, You've done an incredible job. I will certainly digg it and personally recommend to my friends. I'm sure they'll be benefited from this website. http://cdpsecurecdp.s15342144.onlinehome-server.info/xampp/phpinfo.php?a%5B%5D=%3Ca+href%3Dhttps%3A%2F%2Fexportersgateway.com%2F%3Fq%3Dnode%2F153833%3Eprogressive+Scan+Games%3C%2Fa%3E

  74. I'm really inspired together with your writing skills as smartly as with the structure on your blog. Is this a paid topic or did you customize it yourself? Either way keep up the excellent high quality writing, it is uncommon to look a great blog like this one these days.. http://xow.me/abzorbaliveblackjackhileapk76905

  75. Today, the contemporary you can minimize scrolling and clicking the better. Always your website page where people can just contact the individual. Write your articles as you were talking to your readers.

  76. That doesn't imply I'm going to ignore keyword. They must get rid complicated paragraphs and run-on sentences. Are usually advertisements powered by Bing and google. You need to start with tiny steps, and be patient.

  77. I got this website from my pal who shared with me onn the topic of this site and at tthe moent this tije I am visiting this webb page and reading very informative posts here.

  78. What's up, this weekend is nice for me, because this time i am reading this impressive educational paragraph here at my house.

  79. You can also make things easier and faster by repackaging your blog content for article advertisements. Advertising does not need any technical know how, just open MS Word and start writing.

  80. Your absolute goal in seeing the casinos should be for entertainment and leisure, not to make money. Online casinos give the different bonuses on the players. Players think that merely card memorization is elementary. https://lowelowe2lemmingduggan040morsestein093.shutterfly.com/21

  81. You can find higher risks than there odds of winning. Craps is a dice game where a gambler may bet precisely what he think will as the outcome within the roll. The jackpot is only available when you play spot. https://levinrojas2.tumblr.com/post/185546713138/play-roulette-and-win-part-1

  82. It's going to be end of mine day, except before end I am reading this impressive post to improve my experience.

  83. God hears your prayers they do create a difference. When these kinds of with Dad, tgey say what he wants to hear. May refine aask people you're friends with for references to the best attorney.

  84. The candy trash truck cpstume takes three era of prep schedule. Humidity from taking showers can make environments where mold cann spread and grow. This practice is often indicative of underhanded or illegal business. http://radiofrequencysupply.com/__media__/js/netsoltrademark.php?d=ace333.gdn%2Findex.php%2Fdownload%2F15-ace333

  85. Hoow can you beeat playing Online games from coziness of yur office?! You're place sit back and relax and enjoy. Your own private casino and your finger tips. You control what happwns around your entire family. Music orr no music, dogs or noo dogs, complete control is what we should like and enhances the magical a lot of fun. As mentioned above, you need to have you win but a lot to gain by playing frde mobile slot malaysia promotion. Not simply will playing free slots heslp perfect your game, about the will also save you time and hard earned benefit the beginnning stages of play. Down thee road . lose vehicles crecits using what I hopes to caall a trial and effort opportunity. Obtained in this trial or training period, you are playing a vedy game, real wagers, however wih fake money orr credits. The ony thing youu really are investing is the free period oof time. It entails thhe ssix different numbers iin two rows of three quantity. The player places the chip on the inner left boundary line where the fshing line that divides the two rows intersects. Street bet on the additional hand insures numbers 11 to just 1. With tis online caasino roulette bet, the player bets on three numbers by placing the chip oon the inber left boundary line for this roulette tray. This is the line thjat is next towards tthe corresponding row of three numbers. It is possible to win jackpot prizes wijth roulette. On the online market place casino slots workks once the same wayy like other standard spots. The difference among the two is how the casino slots present the luxury of simply upgradable software. It delivers a person play the newer version of the games for the reason that new casino games. Which you won't get from standard slots. That's why tthe casino slts are a lot more well-known than any other slots. If you answered yes to a number of thhose questions, you'll be a comkpulsive gambler. Admitting that you are iss one step to riding yourself of this addiction. The subsequent step with regard to you to take if a person a compulsive gambler in order to use reach to people around you, because they came from care forr you personally personally and ask for their care. Thdre arre also clinics yoou can be placed to where there are professionals that can guide you through the process off getting from the rut that iss gambling craving. Popular casino game along with the systems already been around to gett more detailed than century. One of probably the most popular cqsino games using systems is Baccarat. With Baxcarat shortly find systems like Parlay, Martigale, andd D'Alembert to call just several. These systems base their claims on mathematical systems, telling online casino players they will have driing this method to winning money - easyy money from the overall game and with all the online casino hosting doing it. Play poker at house level. Choose betting limits where you are feeling like you've good likelkhood of beating ougt to be done at the table. If you've been expefiencing difficulty winning, move down in limits. That's important. So so now you kmow that before anticipating to win in any online casino game, make sure that the mastered the strategies well. Several strategies are available online. Information and facts that surely assist. Bllogs that will provide as well as guide to further improve your knowledge in playing casino program. After tjis pracice and practice, to find the diffetence from your talent before anywhere upp to the discovered.

Leave a Reply

Your email address will not be published. Required fields are marked *


Recent Blogs View All


Projects you may be interested in

Goodwill Unity

Goodwill Unity

Sanpada, Mumbai Navi

Contact Us

Use the form below to contact us!

Share Property

Property Valuation Form