Self-Redevelopment is a type of redevelopment where the entire process is executed by the society members. Self-Redevelopment has many advantages and is fast gaining recognition among housing societies in Mumbai. In opting for Self Redevelopment, societies can avail financial loans for the development and can then appoint consultants and contractors to carry out the work as per their requirements. This effectively cuts out Real Estate Developers from the process, thereby ensuring that the profits remain within the society and they are able to monitor the pace of construction closely. Additionally, Self Redevelopment means getting extra FSI & TDR, without having to give it up for a Real Estate Developer, which makes up for
Majority of the residential buildings, in Mumbai, are decades old. While some are literally dilapidated, the others are in dire need for large scale repairs. For both such eventualities, very large sums of money are needed. Further, in most of such society’s Balance Sheets, there are hardly any funds accumulated over the years towards Major repairs. This leaves the society residents with no choice but to continue living in such dilapidated and structurally weak buildings.
Today the societies are opting to go for redevelopment than repair for the following reasons
| Repairs | Redevelopment |
|---|---|
| The repair work can increase life of the building by 3 to 4 years and the problems can reoccur after few years. | Redevelopment gives a new building for which no major repairs required for longer period. |
| The old buildings are designed with old construction norms and hence cannot withstand with new climatic and geographic conditions. | New building is constructed with new construction norms and hence can withstand with new climatic and geographic conditions. |
| For repairs members have to spend money. | In redevelopment, members get Benefits in terms of money as well as additional area. |
| In old building the steel inside concrete beams and column starts corroding after 15-20 years which cannot be treated in repairs. | As the building is new this issue does not arise. |
Thus in redevelopment, the members get new fresh building + additional area + monitory benefits without spending any money from their own pockets.