With real estate prices touching a brand new high, residents in old structures are actually finding they have an chance to unlock immense value using their property by providing it to some builder/developer for redevelopment. Developers, on their own part, will also be looking for qualities with unused development legal rights where they are able to develop a new structure of the couple of storeys greater then sell individuals additional flats for any tidy profit on their behalf. Although it may seem just like a typical ‘win-win’ situation, the entire process of redevelopment is not as simple as it may sound. It arrives with some rules, procedures and implications which you must know.

It’s pointless to say here the Redevelopment of housing societies is generally burdened with bitterness and complaints of high-handedness and corruption from the Managing Committee. Hence, having a view to make sure transparency in societies trying to undertake redevelopment projects, the Condition Co-Operative Department has, the very first time, issued guidelines for societies to follow along with under section 79 (A) from the Maharashtra Co-operatives act, 1960.

The current guidelines are from a committee including the co-operatives commissioner and CIDCO chairman pursuant to some deep study of complaints by people of Housing Societies undertaking the redevelopment of the property. Based on an essential feature within the guidelines, a redevelopment plan needs to be authorized by the general body only when three-fourths from the society people can be found in the meeting.

The topic of redevelopment has assumed great significance because in Mumbai, most of the structures of the Co-Operative Housing Societies are very old as well as in a dilapidated condition. In situation of redevelopment of old structures that have completed 3 decades or are beyond repairs as certified through the Govt. approved architect based on his “Structural Audit”.

The foremost and the top step prior to going set for redevelopment will be a structural audit from the building. The structural audit report will settle if your building should have redevelopment or major repairs. Even without the the technical report it wouldn’t be legally allowable to pass through an answer within the general body meeting. However, it’s true that lots of co-operative societies all of a sudden demand General Body meeting and opt set for redevelopment even without the a structural audit report.