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the redevelopment process

What initial steps does a Developer take to start a redevelopment project?

The redevelopment process begins with the Developer measuring the existing premises to ensure that all information is accurate and project calculations are correct. This is crucial for planning the new project suitably. Once the premises are measured, the Developer gives an offer for redevelopment to the owner of the premises. If accepted, an architect is appointed to design the proposed new building, including both flats for the current occupants and additional flats for sale.

What approvals and consents are required for redevelopment?

The Developer obtains the consent of all the occupants of the existing building for redevelopment. Next, the Developer applies to the Maharashtra Housing and Area Development Authority (MHADA) if the project is to be redeveloped under specific regulations like 33(5), 33(7), or 33(9) of the DCPR 2034. MHADA conducts a video-recorded survey to verify the authenticity of the occupants, ensuring that all the occupants in the premises are legitimate. Once the survey is complete, MHADA issues an NOC for the proposed redevelopment.

What are the steps subsequent to obtaining initial approvals?

The Developer applies for the Fire NOC to the Office of the Chief Fire Officer to ensure that the proposed plans of the new building will comply with fire safety regulations, a crucial approval indicating that the project can move forward. Then, the Developer applies to the Brihanmumbai Municipal Corporation (BMC) for an Intimation of Disapproval (IOD), pending certain conditions. After the IOD is approved, the BMC releases the issued copy of the approved plans. Developers typically ask existing occupants to vacate the premises after the IOD is approved. Before vacating, a Permanent Alternate Accommodation Agreement (PAAA) is signed, ensuring that the occupants will get a new home in the redeveloped building. Once all occupants have vacated, the Developer demolishes the existing building.

The Developer then applies for a Commencement Certificate (CC), which allows them to start construction. Finally, the Developer begins construction activities, starting with piling to enable safe excavation for basements or foundations for the columns of the new building.

79(A) for Societies

How is the redevelopment process initiated by society members under 79(A)?

The redevelopment process begins with at least 20% of society members submitting an application to the Secretary, initiating the call for a Special General Meeting (SGM) to discuss redevelopment. During the SGM, a resolution to start the redevelopment process must be passed by at least 51% of the total members. Members are invited to suggest names of potential Project Management Consultants (PMCs) before the SGM. The quorum for the SGM is two-thirds of the total membership. If the quorum is not met, the SGM is adjourned and reconvened with notice.

How is the Project Management Consultant (PMC) appointed and what are their responsibilities?

The Managing Committee must invite quotations from several architects to prepare a project report on the redevelopment work. One architect is selected as the PMC during the SGM after receiving consent from more than 51% of the members. The Secretary then issues an appointment letter to the PMC and enters into a work contract agreement. The PMC's tasks include surveying the society’s building and land, obtaining information about land conveyance to the society, considering prevailing government policy, assessing available development rights (FSI and TDR), preparing a realistic project feasibility report and finalising the draft of the Tender Documents. The PMC submits the project report within a reasonable timeframe after appointment.

How are tenders invited and developers shortlisted for the redevelopment project?

After the project report is approved by the Managing Committee, a draft Tender Document is prepared. The society, with the help of the PMC, invites competitive bids from developers. The tenders are submitted by the developers and opened in a Managing Committee meeting in the presence of attendees. A comparative chart is then prepared by the PMC. A minimum of 3 tenders are required for a competitive bid. If fewer tenders are received, an extension is provided. If the required number of tenders is still not met, the tenders received are approved for presentation at the next SGM.

How is the final developer selected and what documentation is required?

The Managing Committee makes an application to the Registrar for the appointment of an Authorized Officer to attend the SGM where the final developer is selected. The agenda for this SGM is sent to all members in advance, and the meeting must be video-recorded. Only registered or authorized members can attend the SGM. During the SGM, comparative information about the tenders is provided, developers present their proposals, and one developer is selected based on their experience, merit, financial and technical capacity, and competitive offer. Written approval from at least 51% of the total membership is required. The Registrar issues a certificate of satisfaction upon completion of the due process.

What happens after the developer is selected and what agreements are executed?

Once the developer is selected, a Letter of Intent (LOI) is issued to the developer that freezes the offer for redevelopment and the broad terms and conditions finalized between the developer and the society. The Development Agreement (DA) must be executed within a set timeframe. The DA includes the terms and conditions approved by the Managing Committee. The LOI and the DA are drafted by a Lawyer appointed by the Society specifically for redevelopment. The Managing Committee oversees the completion of tasks as per the agreement to ensure the redevelopment project progresses smoothly and in accordance with regulations and the stipulated timeframe.

RERA

How does RERA ensure transparency in real estate projects?

After obtaining the Commencement Certificate (CC), the Developer must register the project with the Real Estate Regulatory Authority (RERA). This registration ensures that all project details, including plans, layouts, government approvals, and land status, are disclosed publicly. Developers are required to regularly update this information on the RERA website, providing buyers with accurate and timely details about the project's progress and ensuring complete transparency.

How does RERA protect buyers' funds during the construction of the project?

RERA mandates that Developers deposit 70% of the funds collected from buyers into a separate escrow account. This ensures that the money is used solely for the construction of the project and related expenses, preventing the diversion of funds to other projects or purposes. This safeguard protects buyers' investments and ensures that the project is completed as promised.

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How can Landowners or Society Members approach you for redevelopment projects?

Property owners can contact us by filling out the contact form on our website or by sending an email to contact@gosharalliance.com. They can also attach relevant documents or details of their property in the email if they choose to.

What information should property owners include when contacting you?

Property owners can include essential details such as the location of the property, the current state of the property, and any relevant documents (e.g., building plans, size of land parcel, no. of members/occupants, etc). This information helps us evaluate the potential for redevelopment and provide a more accurate response.

What happens after a property owner contacts you for redevelopment?

Once a property owner contacts us, we review the provided details and documents. We can then schedule an initial meeting to discuss the redevelopment possibilities, understand the finer details, and explain the process and our offer for redevelopment.

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the redevelopment process

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