ccording to Redevelop Mumbai, a project management consultant that has handled over 45 redevelopment housing societies in Mumbai, the repair work of a building which is already 25 years old will only increase the life of the building by three to four years. “Structural repair is not economically feasible to take care of seepage, weak walls and foundations, leaking water pipes, etc,” Dilip Shah, Senior Counselor and Analyst for Redevelopment of Housing Societies, told Firstpost.
With redevelopment, the members get a new building, more space and monetary benefits without spending any money from their own pockets. Shah says the developer can offer extra amenities like a gymnasium, a generous car park, and high-end security systems, among other things.
Housing redevelopment refers to the process of reconstruction of a residential premise by demolition of the existing structure and construction of a new one as per approvals from the Municipal Corporation of Greater Mumbai (MCGM). It ideally works best when a society is in dire need of extensive repairs but is starved of the necessary funds for it.
Developers, on their part, are also on the lookout for properties with unused development rights where they can build a new and higher structure where the additional storeys can be sold for a tidy profit.
As per the terms of the agreement between the developer and the society in question, existing members of the society receive new flats in the reconstructed building of an area equal to or more than the area of their existing flats. But redevelopment can only take place if 75 percent of the members tender their consent.
Over 20,000 housing societies, 17,000 cessed buildings and over 3,000 Mhada (Maharashtra Housing and Area Development Authority) structures are waiting for redevelopment proposals.
Apply for a home loan once you have finalised the property to be purchased or constructed. Make sure you do the research about the type of loan you need and follow the checklist:-
How much deposit do you have?
What are the processing charges for the loan?
What is the interest rate
What’s the best type of loan for you
Home loan eligibility depends upon
Stability of income
Profession or nature of business
Age of the loan seeker
Attributes of the property
Your relation with the bank &
Company you work in.
Usually, all banks provide home loans up to 60 times of your monthly net income.
Stamp duty is a tax paid on different kinds of transaction. It is commonly paid by affixing stamp paper on the document effecting the transaction. Stamp Duty is paid at the time of registration.
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