Holistic Information About Maharashtra Self-Redevelopment Scheme!

Sujan Afi S

Noticing the difference!

You must have attended a wedding party. If you have noticed a few people very carefully, you must have found someone who is quite creative. She/he is the one who doesn’t allow anyone to throw away anything. That person makes weird decorative items out of weird things! Yes, this is quite common. If you have a little interest in renovation and repairing things, or if you are the one who loves DIY methods, you will tend to observe that guy/girl quite minutely. 

Some of us have a passion for creating something new. Creating is beautiful in itself. It is something that is needed to add colour to this mundane world. Renovation, redevelopment, change…they are important. They are needed. Yes, for some of us, we renovate only when it is necessary. While there are another half of people who renovates to see a difference…just because it gives them happiness

One side of the coin

Just as we bring about some difference in our lives, isn’t it necessary to renovate or redevelop the city we live in? Yes, it is! Here lies the importance of self-redevelopment! Unlike a redevelopment project (where the property is given to the builder or the developer for redeveloping the property), in a self-redevelopment project, the society (the people of that area) takes up the entire responsibility of redevelopment of the entire project. It gives you the scope to beautify the space as you want! 

The other side has something different to show

However, there are places where redevelopment is a must, not for pleasure, but for catering to the demands of the people. For example, in overpopulated states like Maharashtra, to cater the ever-increasing interest for lodging, with the additional target of supplanting the old structures, the public authority of Maharashtra is promoting and regulating the redevelopment of the old properties. 

Are you in for Self-Redevelopment?

Now, let’s understand the things that a person from Maharashtra should consider if he/she has to self-redevelop any property!

  • The first thing that is needed is the approval of the members of the property. Section 79A of the Maharashtra Cooperative Societies Act, 1960, asks for the approval of 51 % of the property owner for the redevelopment of a project. The agreement is to be signed and a copy of it must be kept for the future too. You can summon a Special General Body Meeting and communicate your desire. Try to explain the benefits of self-redevelopment of the property. Try to sound logical, but consider the emotions of the people too. 
  • After you get the consent of the owners, you are ready to make a feasibility report. It should contain information on the existing building plan, the carpet area of existing units, consumed Floor Space Index (FSI), fungible FSI, revised TDR, the cost break up for the execution of the project, current development regulations, etc. Once it is prepared, make provision to circulate the report to others too. This will help you create a good bond with them and will engage them in the work too!
  •  Try to check and validate the documents of the property and the owners. A No-Objection Report is also needed from each owner of the property.
  • Having a group of specialists, like a legitimate legal consultant, an architect, a chartered accountant, and the like to save a great deal of time and carry the work smoothly with a minimum mistake. For example, a legitimate legal consultant might help with RERA and other lawful compliances while an architect might help design a building that suits everyone’s requirements. Hiring an accomplished contractor is additionally fundamental for the redevelopment project.
  • Next you will require to get the approvals from various departments.
  • For the arrangement of money, the details of the owners of the property are to be submitted to the bank. The documents include the Aadhaar card, PAN card, ITRs, etc. The maximum loan amount to be received is 50 crores. 
  • Before starting the redevelopment, make arrangements for temporary stays for the people. This will help build trust and a good bond among all of you. What more is needed? This is what will make the concrete cement and brick structure a cheerful home!  

Conclusion

Practical application of everything we read is a bit difficult. Self-Redevelopment of an old structure is a challenge. You can face several problems. There will be clashes in ideas. There will be technical difficulties too. Are you confused about whether to take up the challenge or not? Consult the experts of Roodland India to eliminate every doubt that you have in your mind. Further, get assistance and learn what’s best for your property. Relax! We value your emotions and take care of the words of every individual. All you need to do is to mail us at info@roodland.com. We guarantee to reply at the earliest with a promising solution!  

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