Few years back the process of redevelopment of an existing society was not an organized one, in its manner and implementation. It was conceptually new and without much precedence. Hence, it’s failed to accrue substantial benefits to the existing society members. However out of theses experience, an order was evolving, which the societies were informally adhering to and better success ratio prevailed year after year. Finally the government of Maharashtra introduced a GR which laid down the guidelines to be followed by the societies registered under the Maharashtra co-operative soc act. The said GR makes it mandatory for a housing society under this act, intending to undergo redevelopment of their plot of land. This has streamlined and gave a guided path to this process.
An option oneself – development also lies with the society since they are the owners of the land. However this route in most of the cases gets ruled out when the matter of investing initial finance for sizeable payments towards TDR purchases, development and other charges to MCGM, advances towards construction payment of their alternate accommodation and other incidentals come up. Also in a given society there are member with varying economic status and therefore raising such finances became unviable, making them to take the route of appointing a developer for such redevelopments.