Let us Help You Redevelop
Why Swastik Group
FAQ's on Redevelopment
1What documents are needed for the vetting process for redevelopment?
The following documents are required for the vetting process for the redevelopment Conveyance of Property:
- Property Card in the name of the society
- Old Occupation Certificate along with plans
- CTS Plan
- List of allotment members along with the carpet area
- Development Plan remark
2Are buyers protected, and if so, how?
The Central Government of India drafted and approved the Real Estate Regulation and Development Act of 2016 to protect house buyers while simultaneously encouraging investment in the real estate business. Buyer complaints can be sent to MAHARERA for a prompt response. The law addresses the entire process of buying a house as well as redevelopment.
3What are the stages of redevelopment?
The following are the steps of redevelopment:
- A general body meeting with a majority in favor of the redevelopment
- A legal representative to appropriately guide the members
- Obtaining and scrutinizing bids from builders and selecting the appropriate builder meeting the financing requirements.
- Approval from necessary legal authorities and allotment of builder Signature on various necessary documents to begin the process
- Completing all financial and other obligations, and then ensuring that the building is evacuated and ownership of the current premises is transferred to the designated developer/builder
- Post redevelopment, issuing Occupancy Certificate and handing over ownership back to the owners.
4Who can go into redevelopment?
A building that has not used the full potential of the site under the current DC standards may be redeveloped. This is conditional on both the housing society and the owner possessing a clear, marketable title.
5How to choose the right developer for redevelopment?
Redevelopment of a building is a very crucial decision hence the legal authorities should check beforehand the following:
- Developer’s present and past performance
- The developer’s financial steadiness
- If there are any legal complications with the developer
6Will I receive the same offer as a neighbouring building?
The value of the offer is determined by a number of things. The viability of any project is determined by a variety of aspects, including the present use of the building, the land, and how it is oriented to the route, as well as whether or not road extension is required.
7Can I purchase additional area over and above my new offered area?
The current housing members of the society can purchase the additional area from the developer at comparative prices.
8What are the statutory payments and who bears these costs?
When a redevelopment project is in the process the statutory payments are paid by the developer. Additional payments or any outstanding payment with extra land purchase shall be paid by the members.
Process Of Re-development Of Building
Step 1Offer And Finalisation
Step 2Legal Documentation
Step 3Liasoning Work
Step 4Handing Over Building And Plot To Developer
Step 5Construction Of New Building
Step 6Receiving OC/B.C.C. And Possession Of New Dream Homes
Step 7Handing Over Building/papers To Society