Redevelopment At A Glance
Difference between Restoration and Redevelopment?
In restoration, the existing building is extensively repaired and restored to its original condition. In redevelopment, the existing building is demolished and new structure/building with prevailing bye laws & additional FSI/TDR is constructed.
What Are The Advantages Of Redevelopment?
- In case of restoration of a building by major repairs, though the beams and pillars of the building are strengthened externally, the inner core composing of steel rods cannot be restored to its original condition. Hence, even after extensively repairing the building, there are bound to be umpteen complaints about leakages requiring frequent repairs. In the case of redevelopment, the entire structure being brand new, it will be free from complaints.
- New building will be accommodating various modern facilities & amenities with current tread of society.
- Well planned and designed flats with earthquake structure.
- Corpus fund received by each individual member will take care of increase in the maintenance cost of the premises or could be utilized for other purposes.
- Additional carpet area will be received as compensation from the developer.
- Owner can buy additional space (if available) from the developer at best available price.
- Modern facilities / amenities / gadgets like lifts, intercom system, smoke detectors, fire fighting alarm system, concealed plumbing, concealed wiring for electricity, telephone, cable TV etc. Will be available. (depends upon offer from developers)
- Additional parking will be available with new norms of authority.
- Electrical, plumbing, tiles, parking spaces & other specifications will be as per modern trends.
Disadvantages Of Redevelopment
- For considerable period of time, members are required to give up possession of their flats which disrupts their age old routine.
- Residential complexes if converted to commercial complexes are seldom preferred for housing purposes or dwellings.
- Additional area received will attract stamp duty and registration charge at current market price.
- There is always a fear of half way stalled project resulting in court case. ( but a good project management consultant can reduce this risk by verifying of all steps in redevelopment process)
- New construction with all kinds of amenities which will turn to increase the cost of maintenance to be paid to society.
Few Guidelines for Smooth Redevelopment
- All members of society should be taken in confidence in process of redevelopment.
- Tender process should be transparent & as per provision of co-operative society housing bye laws
- Appointment of builder/developer /contractor should not be arbitrarily. Agreement with them should be legally sound, technically complete & clearly mentioned all possible specifications of building. It should clarify all things like carpet area, amenities, corpus fund, shifting charges, rent of temporary accommodation, any betterment charges etc.
- Role & responsibility of project management consultant should be clear & their services should be impartial.
- Society should not go for redevelopment process without feasibility report from project management consultant.