How can I get redevelopment in Mumbai?

To go ahead with the self-redevelopment, the society must have a conveyance deed in its name. If the land is owned by the state authority or the Maharashtra Housing and Area Development Authority (MHADA), then, a no-objection certificate has to be obtained from the owner.

How do I select a builder for redevelopment?

The Builder selected, should be of unshakable reputation for quality, efficiency, trust, meticulous planning, top quality amenities, superlative designs, timely completion, guaranteed possessions and handing over of property of the Society for rehabilitation of its members.

How does self redevelopment work?

In a self redevelopment project, the society members have control over the project where they can decide on plans, designs and also setting development standards. The society members can also decide the amenities they want to have in the self redeveloped society like parking spaces, play area for children etc.

Is bank guarantee necessary for redevelopment?

The amount must be equal to the entire redevelopment cost. The developer is responsible for giving a bank guarantee of at least 20 per cent of the project cost. Members of the society need to ensure that the developer purchases the additional TDR and loads it on the society.

Is bank guarantee required for redevelopment?

The new guidelines make it mandatory for these developers to deposit 10 percent of the project cost, according to the existing market value, as a bank guarantee (fixed deposit in nationalised banks) to the Mumbai Building Repairs and Redevelopment Board (MBRRB) for a five-year period.

Who is the best builder in Mumbai?

Top Builders in Mumbai

Builder Experience Total Projects
Lodha Group 42 yrs 291 Projects
Godrej Properties 32 yrs 151 Projects
Runwal Group 23 Projects
Mahindra Lifespaces Developers 28 yrs 113 Projects

Is PMC mandatory for Redevelopment?

Most housing societies choose to do without a PMC. However, in case legal issues crop up later and the project gets delayed, the society will not be able to file a suit against the developer as they failed to follow the mandatory norm of appointing a PMC.

Is GST applicable on self redevelopment projects?

GST is applicable @ 1 % or 5% on consideration paid to the builder/developer and it will be normal transaction as happen between normal transaction between builder and buyer.

Who is India’s No 1 builder?

Top Property Developers in Residential Category 2018:

Rank Name City of Residence
1 Mangal Prabhat Lodha Mumbai
2 Vikas Oberoi Mumbai
3 Surendra Hiranandani Singapore
3 Niranjan Hiranandani Mumbai

What are some of the self- redevelopment projects in Mumbai?

Other examples of ongoing self redevelopment projects in Mumbai are Ajit Kumar Society in Goregaon, besides Harmony (Suma Sam CHS) and Jayakunj CHS in Borivali West.

How many derelict buildings are there in Mumbai?

With more than 16,000 derelict buildings stuck in redevelopment process, Mumbai desperately needed a solution to this growing problem.

What is the Jaipur project all about?

“While the Jaipur project is a large affordable housing development with a total 1,400 stuck homebuyers waiting for the delivery, Mumbai and Thane projects are standalone society redevelopment projects,” said one of the persons mentioned above.

What is the Indian railway’s redevelopment project for Delhi-NCR?

Indian Railway, on Friday, conducted a joint pre-bid meeting for both the stations, which are expected to be redeveloped within four years. The project will also boost the real estate development of the surrounding regions, augment the tourism potential and generate employment opportunities.